Becoming a homeowner is exciting, but it can also be slightly overwhelming, especially for first-time buyers. Dealing with mortgages, repayments and real estate agents can be daunting, but this doesn’t mean you need to go into this new phase of your life blindly.
Here are a few tips to ensure the process goes as smoothly as possible.
Be honest about what you can afford
Your dream house may have six bedrooms and a whole lot of all bells and whistles but can you afford that? Look around a bit more. Maybe you’ll be happier with a house that has three bedrooms and perhaps a small pool but is more comfortable on your budget.
Save up for a deposit
The more you have put aside for a down payment on a new house, the less money you’ll have to borrow from the bank which in turn will get you a good repayment rate and also make your mortgage repayments lower. It’s a win for you.
When it comes to buying a house, one of the first things to look out for is the location. Is it situated in a nice area with good security? Is it close to schools or your work? What kind of people live in the area?
Depending on the kind of lifestyle you want, these are important questions to ask. After all, you wouldn’t want to move your kids into an area where there are a lot of university students. And if you don’t want to host a party every weekend, living in a place with older adults will not work for you either.
Be aware of hidden costs
Buying a home is not just about getting a mortgage, taking ownership and making repayments every month. You need to plan for paying off any levies and transfer fees required. You should also be certain you will be able to maintain the property and make any repairs as needed.
Mobus Properties Ltd. is a privately-held Ghanaian property investment, development and management company focusing on commercial and residential property development. The company has property portfolios in Ghana and Nigeria.
Want to live in the city? Try one of our upmarket, world-class developments.
Contact Mobus Property Development today for more information on the range of properties in our portfolio.
Contact Mobus Property for more information.
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