As a first-time buyer, there are many things that you have to consider and very often it can seem overwhelming. Buying a home is one and if not the biggest purchase you will make in your lifetime so it is important to have all the information you need and pay as much attention to detail as possible.
All that being said here are 5 things First Time Buyers Should Know in Trinidad and Tobago:
1. Explore Your Mortgage Options
There are a variety of loans available to citizens so first-time buyers need to explore their options before applying for a mortgage or finding a property. What you want to research are factors such as, interest rates and eligibility requirements.
You can also request loan estimates for the same type of mortgage from one or two lenders to compare the costs. The information you must find includes:
- Seeing what you are eligible for
- The longevity of your specific loan
- The exact downpayment required
These factors will ultimately help you find out what is the best option for you and your finances long term.
2. Get a Preapproval Letter
This step can be extremely beneficial when you are putting an offer in for a house. A pre-approval letter is from the lender and it shows that you have been approved for a mortgage and states the specific amount you have been given. This helps with your offer as it will show the seller that you can afford the home and it can be especially useful if there is another buyer against you.
3. Consider the Other Costs Associated with Home Ownership
Many first time buyers get so consumed with the process of getting a mortgage that they don’t also consider the other costs associated with home buying. This includes any fees that will occur after the purchase such as, house insurance, property tax, utility fees and other costs that may occur if any sort of renovation or repairs are needed. Finding estimates for these costs will ensure that they don’t surprise you after you have already made such a big purchase. Owning a home also requires consistent financing for maintenance, thus ensuring that you have properly projected your financial income and career growth is equally important.
4. Get Some Information About the Neighbourhood
So you have found a great home but what is the neighbourhood like? Before making your official decision you should find out from anyone who lives in the neighbourhood or your real estate agent about factors that could affect you when you move in. This includes crime in the area, regular supply of water, frequency of electricity outages and more. You may also want to consider the ratio of children to adults in the area if you would like an environment that is more socially conducive for your kids.
5. Choose a Real Estate Agent You Trust
An experienced agent can make the world of difference when you are buying your first home. Especially when it comes to negotiations, contracts, finding a variety of options within your budget and more. Therefore you want to make sure you find someone who you trust and feel understands what you are looking for. Often in your first discussions, you will be able to gauge through your questions and their suggestions if they are a good fit for you.
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