Buying a house can be a daunting and exciting prospect. Taking on a home loan can seem like a huge commitment. At the same time getting a home of your own is a dream come true for many of us.
The fact is that once you have decided in principle to go ahead things change very quickly. You find that you are empowered with choice and freedom. You are suddenly looking at assets that you could never have imagined. Agents suddenly want to talk to you and will give up any amount of time to show you any property you want. Nothing it seems is too much trouble. So where do you start with these choices? A look at some basic options may help you decide. With a little forethought, you can work out exactly what you need to get the most from your home loan.
What type of Mortgage?
There are different types of mortgages depending on your circumstances. For instance, there may be special deals for first-time buyers or mortgages for Veterans arranged through AMCAP mortgage. Work out how much you can afford and you have started. Once you’ve agreed on terms, you just need to make sure you are buying the right house or condo for your needs now and in the future.
Buy a house.
It sounds so simple and in a way it is. Buying an existing house is probably your easiest route to getting into your home quickly. All you have to work out is how much you can afford to borrow and start to look at the locations and properties you like. Make sure you don’t rush into anything. Compare and contrast. How handy is the area for you? Think about the facilities and proximity to schools.
Improving an existing building.
You’ll have the option of improving or refitting a house to cater for your exact needs. A ‘doer upper’ can be a great way of getting into an existing character property. It also allows you to add personal touches. The work you do should add value to your property although there will be a cost involved depending on the work needed. You might find there are things you could do immediately and other things that can wait until you have saved up a little more money. You can have quite a lot of fun adapting a house to your needs. Hopefully, you’ll be adding capital value with any work that you do.
Build Your Own
It sounds a little daunting, but this option combines the best of the other two. It is just going to take a bit more planning and a bit of imagination. The learning curve on building your house can be steep, but immensely rewarding. There is the option of hiring a subcontractor. The bonus is you’ll get to sit down with the architect and tell him or her exactly how you want your house laid out.
Seeing your house close to completion is a thrill, and moving in will be a memorable day. This category of property investment usually carries some capital gain. That is a new house is already worth more than you have paid for it by the time it is complete. So it can be a rewarding option in more ways than one and a good way to start off or boost your savings for later in life.
Take your time, and have some fun considering and weighing up the options. Getting into your house is always a great achievement and one of Life’s rewarding milestones.