First Time Property Buyer? Here are 8 Things You Need to Know

8 tips for first time property buyers

When you’re a first time property buyer, there’s lots to learn about the home buying process. With the overabundance of information it might be difficult to choose those aspects you must focus on the most – and a mistake but be very costly.

Here are eight things you need to know to make your home buying process a successful one:

Your Credit Score is Incredibly Important
Check out your credit score before making a mortgage application. Whilst checking your score too often can have a negative effect, a rejected mortgage application will be much worse. Find out about your credit score as early on in the process as possible. That way you have time to raise queries and make improvements before applying for your mortgage.

There are Different Mortgages Available
Not all mortgages are the same. Some will allow you to fix your interest rate for a number of years. Others offer a variable rate that will fluctuate over time. You can also sometimes change the number of years over which you wish to pay your mortgage or even seek out a mortgage specifically to let the property you buy. Do some thorough research to find out which mortgage will best suit your situation.

You’ll Need Lots of Documentation
When granting a home loan to a buyer, banks will want to see a whole heap of paperwork. Proof of earnings (usually in the form of payslips), account statements and identification. Depending on how complicated your situation is – for instance if you’re self-employed – you may need to provide further proof of your ability to repay the loan.

Consider More than the Sale Price
Before you sign a deed on a home, you need to understand exactly what you are taking on. Once you’ve bought the house, could you afford to pay for expensive roof repairs, damp proofing or the new kitchen it so desperately needs? Factor in all of the costs (even the costs of moving and insurance) when agreeing on a sale. That way you won’t have any nasty financial surprises further down the line.

Your Needs Might Change
Moving home is expensive and you need to know that the house you choose will be suitable for at least a good few years to come. If you’re currently a carefree couple but may want to start a family one day, think about whether your chosen property offers scope for a baby or two. Equally, if you’re planning to change jobs or get married, these factors should all be considered as you make your property decisions.

Consider the Neighborhood
Spend some time in the neighborhood you want to buy in. Do the neighbors seem friendly? Does it feel safe after dark? Even if having kids seem a long way off, find out about the quality of local schools. And don’t count on an “up-and-coming” neighborhood getting a revamp in the short term. A rundown area may take decades to revitalize and you always run the risk that it won’t change at all.

Plan for an Interest Rate Rise
Whenever you’re buying, whether interest rates are high or low, you need to know what effect an interest increase would have on your mortgage repayments. Stretching your budget to get the house of your dreams is a risk. Work out how much you may end up paying each month and whether it would be affordable. Then build in a buffer to your budget just in case.

It’s Hard Work…But Worth It
Buying a home is one most stressful life events we go through. It’s hard work, with lots to learn and lots of hoops to jump through. But, if you’ve really decided that the world of renting is no longer for you, it will all be worth it in the long run. There’s no greater reward than getting the keys to your new home and having a place to truly call your own.

Searching for and finding a home can be lots of fun. Then comes the hard part. Prepare yourself for the challenging journey to come and keep your eye on the end goal – your very own home.

Bio:

Michelle Arios is an Assistant Manager, currently writing for BizDb.co.nz – an online business directory. Interested in investing and real estate, Michelle often shares her suggestions with her readers online. Feel free to follow her on @MichelleArios.

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If we see from business’s perspective, those long decision-making days are totally killing. Real estate brokers and firms put of much efforts to close a deal that each day wait is nothing less than torture. However, they can actually speed up the closing process by automating the sales process. Automation of few tasks like lead generation and lead management, reply the buyers’ queries promptly and timely and track the progress of each lead will help them to leverage the sales process and close a deal far earlier than ever before. To know more how to achieve this, keep on reading. Easy lead management means faster deal closing Lead is what you need to witness success. Real estate is one such industry where lead conversation ratio is very low. The reason being is a lot of people inquire but only a handful of buys. With such a low conversion ratio, no real estate business can afford to lose a single lead. Plus, managing so many leads is also very tough. Your representatives will find it difficult to sort them out based on their interests and needs. Once you automate the lead management process, you can easily save all the data over a single place. You can quickly create a new lead, keep them posted about your deals and offers, and add customized activities with respective leads. One more thing here to notice is that there is a need to go a lot of regress follow-up in the real estate industry. You need to contact your leads again and again. With automation of sales process using CRM software, you will be able to update the follow-up details, set next follow-up date, import and export any other details related to the leads and add custom fields to them. When you are able to get all the details related to a particular lead, chances are high that you will do the right pitching and convert them into business. So, easy lead management simply indicates that you will speed up deal closing process. Simplified operations Real estate is one such industry where operations are pretty complex. Regress follow-up, huge negotiation, long client face-time, and various paperwork are some of the operations that are highly labor intensive and complex in nature. With such complex operations, it is often found that real estate agents stay engaged in all these tasks most of the time and loss focus from lead conversion. Henceforth, they witness slow, or no closing of deals. However, automation of all these tasks helps the real estate industry to set their representatives free from all these customary and tedious tasks and allow them to focus their primary function i.e. to close a deal. Better communication Though communication is one of the most important components of every business, its importance increases by manifolds in the real estate industry. You need to be in constant touch with your prospective clients regarding their concerns, requirements, and needs. If there is a loophole in your real estate business communication then chances are bleak that you will enjoy a high number of a closed deal. Email is one of the most prominent ways to do business communication. Businesses prefer to comminute via email rather than phone as it is easy, quick and act as a proof communication has happened. Email automation helps a real estate industry to send bulk emails, set reminders to send a particular email to a particle client, sync all the contacts with the email and send automatic follow-up reminders to the agents. When you have such an advanced level of communication, your agents are going to close a deal easily, promptly and profitability than ever before. Great sale support system to the clients and the team If you want to witness a surge in your deal closing number then it is very important that you provide a great support sales support system for your sales team as well as to the customers. In the wake of technology, the AI has taken a new name and it is “Sales Bots”. A product of high-end integration, sales-bots are there to nurture your leads, remind the clients and the sales team about the pending deal, alerts the salespeople about every new lead, automatically create the follow-up task sequence and notify the prospective clients about the on-going discounts on their pending deals. Even sales-bots are so efficient that they create automatic deal of existing customers and notify them in prior. When your sales team and customer get such an extensive support system, closing a deal is easy as hassle-free. There is no second opinion that the real estate industry requires some extra efforts to generate revenue. However, a simple step of automation of the sales process makes a huge difference in all aspects. So, automate the sales process and take your real-estate business at new heights.
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