House buying tips - 2

When it comes to buying a home, read on for some tips

08:33 21 July 2013

Below are some tips that you can use when making one of your biggest investments – your house. 

 1.Is the timing right? Buying a house in different times can result to huge price difference. When the financial crisis that started in the United States in 2008 spread to Europe, the house prices have taken a sharp downturn. Today, experts report that house prices are steadily increasing. As a buyer, you would want to make a purchase when the prices are low as it will mean saving a lot of money. 

2.Save for bigger deposit. One of the best things that you can do when you’re thinking about buying a house is to save for bigger deposit. If you can put 40 per cent on the table, it would be much better. This would mean lower monthly payments, lower interest rate, and short payment terms. You’ll also most likely to be eligible for the best mortgage deals in town.

 

3.Know the fees. The down payment and the mortgage aren’t the only things that you need to save up for. Aside from them, you’ll also be charged for mortgage arrangement fee, valuation fee, legal fees, stamp duties, and removal costs.