Buying a home is always a big decision, but when you're a first-time buyer it's even more important to get it right.
Without home-buying experience to draw on, it's easy to make mistakes you could regret for years to come. Here's what to avoid
1) Don't Rush the Mortgage
In the excitement of buying your first home, it can be tempting to sign up for the first mortgage offer you're approved for. Being too hasty is a serious mistake which can cause difficulties for a long time to come.
It's a good idea to speak to an impartial mortgage adviser before committing yourself to any deal, but in any case, always bear some simple points in mind.
- Be very cautious about how much you try to borrow, making sure you leave plenty of headroom in your budget. Owning your own home has many extra costs compared to renting, and you need to leave yourself some breathing space to handle them.
- Explore your down payment options. The larger the down payment you can afford, the lower your monthly payments will...