Wednesday, October 13, 2021, 9:11 AM
Major Considerations In First Time Home Buyers Program
Homes are an asset to whoever owns them. Often overlooked in terms of their importance, they are the one place to seek refuge from the world. However, the importance of this asset has become more apparent with the advent of covid and subsequently, the newly coined WFH (Work From Home) culture that has started to gain prominence in corporate environments, all this time spent at home has lead many of us on a path of self-discovery wherein we have been lead to question a variety of matters, especially if the home that we live in is the home for us? Well, we might have an answer for that epiphany; join us today as we walk you through buying a home, tips to follow as a first-time homebuyer, and first-time homebuyer programs.
Buying your own home!
Buying a home can be a pretty daunting task. If you're a first time home buyer who has been prompted by covid to rethink and re-question the importance of buying a home, then let us walk you through the considerations you may have to make -
- What are my needs? - To begin understanding what kind of home will suit you most, you need to understand exactly what it is you wish to extract from buying that house. This depends on your needs as an individual or as a family, and these considerations can vary greatly, ranging from the needs of your children, how much space you need for bedrooms, what kind of bathrooms you require, and so on.
- What can I afford? - The most foremost factor in house buying is seeing whether you can afford it or not; you may have a specific set of requirements; however, you may have to alter them or reshape them according to your budget.
- Do I need it to be renovated or not? - This is another daunting question; while most people would wish for a renovated house with all the fittings, these can often be on the higher end of the price range. Meanwhile, unrenovated houses will be on the lower end of the spectrum. However, one needs to keep in mind that sometimes repairs and renovations can cost just as much as a renovated house.
- How centrally is it located - Too many. Accessibility is a key reason for moving or buying a house. Therefore you would need to consider how connected the home is and how far necessary institutions such as schools, supermarkets, and so on are available.
First-time buyer programs
These programs are specifically geared towards helping first-time buyers make their first purchase through financial assistance. First-time home buying can be quite a challenge for the uninitiated.
Therefore we would advise all first-time buyers to do the appropriate research, visit buyer forums, understand their needs, and most importantly, take cognizance of their financial health; if a first-time buyer is looking out for a loan, however, there is also an availability of first-time buyers programs which offer financial assistance.