Financial Tips for the Prospective Home Buyer

There’s never been a better time to purchase a home, with interest rates still very low and a real estate market that has kept home prices depressed. Financial tips for the Prospective Home Buyer will help you.

1. Get a copy of your credit report

One of the most important first steps is to know what your credit report says about you. If you haven’t checked your credit report, which you can do for free, you might have errors on the report or there may be a negative rating that you can clear up. This is very important before going forward

2. Speak to a financial advisor

“Consult with a trusted financial advisor,” They can guide you to make the most of your investments.

3. No big purchases

You may want to purchase a new car but it isn’t advisable to make big ticket purchases that will show on your credit report before you plan on buying a home.

4. Know how much you can afford

The smaller the payments you can afford the smaller the property and/or the greater the down payment. A financial advisor can help you determine exactly how much you can afford as well.

5. Owning a home isn’t just about the mortgage

When determining how much you can afford, you should also be investigating the true cost of owning your home.. Things to take into consideration: Insurance, maintenance, upfront repair and renovations and property taxes.

6. Shop home prices

It’s very important that you investigate all of your options. Every area has some very attractive neighborhoods with prices to match and some less attractive options.

7. Shop for a real estate agent just as you would any other professional

Do not rely on a recommendation or a friend to help you find the perfect home. You have to ask certain questions to make sure the agent is going to work for you instead of trying to pressure you into buying something that isn't appropriate.

E-mail: info@mauritiusproperty.org