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7 Hacks for Buying Your First Home

7 Hacks for Buying Your First Home

Adding “homeowner” to your title is a proud moment in life. It’s exciting to think of all the perks of home ownership, from being able to grow your own garden to getting an indoor swimming pool. But before you can live happily ever after in your dream home, the hardships of finding a house and the layers of red tape surrounding it must first be addressed. Here are seven hacks to buying your first home without overpaying for it.

1. Save for Down Payment

Although mortgages are accessible to prospecting homeowners, it doesn’t fully cover every cent of the property. You will still need to save enough cash for down payment. Without enough cash on hand to be allocated as down payment, you cannot, and should not, attempt to start looking for properties through brokers. This will only take up time and effort from both you and your broker, resources you could’ve spent building the funds needed upfront. The standard down payment for a house is 20 percent of the property’s price. Note that there are financing options that allow for as little as 3 percent down or, in some cases, even no money down. As tempting as it is, avoid such deals since it often involves higher interest rates and additional insurance premiums.

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2. Decide on a Location

Location is king when it comes to real estate. It’s the single most important factor that drives supply and demand in this market. Bad locations lead to depreciated property valuations and vice versa. You can decide on a location while you’re saving up for down payment. In fact, the two factors affect each other in that the location you choose will also broadly determine the median housing prices and, consequently, the down payment amount you must save up for.

3. Peruse the Web

Your choices for housing will vary immensely, with dozens of properties falling under your set of criteria, irrespective of the factors you’ve deemed important. Traditionally, you’d be limited to the newspaper ads and in-person visits to property listings. Technology, however, has enabled society to rewrite this particular transaction in a more convenient and efficient manner. One of the best ways technology has improved the home buying and selling process is through sites like Fizber. These sites essentially eliminate realtors, savings an average of more than $10,000 in the process.

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4. Inspect the Property

Once you’ve narrowed it down to a handful, start inspecting the properties. Address important questions, such as whether or not the property is in good shape, what maintenance or repairs do you have to pay for after acquiring the home, is it child- or pet-friendly or do you have to renovate certain rooms for it to become one?

5. Negotiate With Sellers

This can either be the most awaited phase of the home-buying process or the most terrifying phase. It depends on whether or not you’re a natural-born haggler or if you dread the intensifying experience of a negotiation. You don’t have to always just accept the asking price set forth by the seller. However, be careful about setting too low of an offer since sellers can tell you to scram right off the bat.

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6. Put Down a Binder

When or if your offer is accepted, you will be asked to make a binder until the closing deal is signed. A binder is the deposit of one percent of the agreed upon price for the house.

7. Contact Your Legal Representative

Your lawyer will manage the details of the contract sent by the lawyer representing the selling party. Vet the documents carefully to ensure that all clauses were indeed agreed upon beforehand. This is where the lawyer will come in handy since they are already experienced in analyzing legal jargon that comes with a property purchase.

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Buying your first home is meant to be a positive experience, one that excites you every step of the way. With these seven hacks, you’ll be able to find, and get approved for, the perfect house both from the bank and the selling party.

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Last Updated on May 15, 2019

How to Tap Into the Power of Positivity

How to Tap Into the Power of Positivity

As it appears, the human mind is not capable of not thinking, at least on the subconscious level. Our mind is always occupied by thoughts, whether we want to or not, and they influence our every action.

“Happiness cannot come from without, it comes from within.” – Helen Keller

When we are still children, our thoughts seem to be purely positive. Have you ever been around a 4-year old who doesn’t like a painting he or she drew? I haven’t. Instead, I see glee, exciting and pride in children’s eyes. But as the years go by, we clutter our mind with doubts, fears and self-deprecating thoughts.

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Just imagine then how much we limit ourselves in every aspect of our lives if we give negative thoughts too much power! We’ll never go after that job we’ve always wanted because our nay-saying thoughts make us doubt our abilities. We’ll never ask that person we like out on a date because we always think we’re not good enough.

We’ll never risk quitting our job in order to pursue the life and the work of our dreams because we can’t get over our mental barrier that insists we’re too weak, too unimportant and too dumb. We’ll never lose those pounds that risk our health because we believe we’re not capable of pushing our limits. We’ll never be able to fully see our inner potential because we simply don’t dare to question the voices in our head.

But enough is enough! It’s time to stop these limiting beliefs and come to a place of sanity, love and excitement about life, work and ourselves.

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So…how exactly are we to achieve that?

It’s not as hard as it may seem; you just have to practice, practice, practice. Here are a few ideas on how you can get started.

1. Learn to substitute every negative thought with a positive one.

Every time a negative thought crawls into your mind, replace it with a positive thought. It’s just like someone writes a phrase you don’t like on a blackboard and then you get up, erase it and write something much more to your liking.

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2. See the positive side of every situation, even when you are surrounded by pure negativity.

This one is a bit harder to put into practice, which does not mean it’s impossible.

You can find positivity in everything by mentally holding on to something positive, whether this be family, friends, your faith, nature, someone’s sparkling eyes or whatever other glimmer of beauty. If you seek it, you will find it.

3. At least once a day, take a moment and think of 5 things you are grateful for.

This will lighten your mood and give you some perspective of what is really important in life and how many blessings surround you already.

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4. Change the mental images you allow to enter your mind.

How you see yourself and your surroundings make a huge difference to your thinking. It is like watching a DVD that saddens and frustrates you, completely pulling you down. Eject that old DVD, throw it away and insert a new, better, more hopeful one instead.

So, instead of dwelling on dark, negative thoughts, consciously build and focus on positive, light and colorful images, thoughts and situations in your mind a few times a day.

If you are persistent and keep on working on yourself, your mind will automatically reject its negative thoughts and welcome the positive ones.

And remember: You are (or will become) what you think you are. This is reason enough to be proactive about whatever is going on in your head.

Featured photo credit: Kyaw Tun via unsplash.com

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