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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 July 12, 2021

100 Incredible Life Hacks That Make Life So Much Easier

100 Incredible Life Hacks That Make Life So Much Easier

Want to learn some quick and easy life hacks that are easy to do, low cost and saves you time?

By tweaking little things in your daily life, it can make your life much more convenient!

Here’re 100 of the most practical life hacks so you can just pick up any of them right away!

83 tie a small piece of bright colored fabric

    84 write random letter

      85 use a rubberband

        86 dorm smell bad

          87 lean your phone on your sunglassess

            89 how to waterproof your shoes

              90 take a picture of the name card

                91 iron inside out

                  92 old newspaper

                    93 tumble try shoes

                      keep a card like this

                        SONY DSC

                          94 soap bar

                            95 make a hole

                              96 drop the battery

                                97 use a coozie

                                  98 when taking a picture

                                    use a clean dust pan

                                      try a pants hanger

                                        use your cellphone light

                                          use a spring from an old pen

                                            quick and easy iphone speaker

                                              user binder clips

                                                wrap a wet paper towel around your beverage

                                                  put pancake mix in a ketchup bottle

                                                    clean out an old lotion bottle for your beach

                                                      use a muffin tin to serve condiments at a bbq

                                                        doritos are great for kindling

                                                          use nail polish to identify different keys

                                                            use a hanging shoe rack to store cleaning supplies

                                                              freeze grapes to chill white wine without

                                                                use paper clips to organize your cables

                                                                  almost finished your jar of nutella

                                                                    sick of having a box full of tangled

                                                                      unroll the rim to increase the capacity

                                                                        cut open toilet paper rolls and use as a cuff

                                                                          remove the stem from strawberries

                                                                            turn an old bottle into a simple little cord holder

                                                                              for iced coffee and iced cappuccino, use frozen coffee cubes

                                                                                how to fold a fitted bed sheet

                                                                                  tired of snoozing past your alarm

                                                                                    place a rubber band around an open paint can to wipe your brush on

                                                                                      ut a wooden spoon across a boiling pot

                                                                                        use bread clips to save flip-flops

                                                                                          take pictures of friends holding items

                                                                                            how i always know which headphone is the left one

                                                                                              put a stocking over the end of a vacuum

                                                                                                How to make sure you drink enough water

                                                                                                  user a can opener to open blister

                                                                                                    good sandwich guide

                                                                                                      turn your muffin pans upside down

                                                                                                        50 pounds of groceries and living on the 5th floor

                                                                                                          the right way to make a blt

                                                                                                            add one teaspoon of baking soda

                                                                                                              38

                                                                                                                hair straighteners equals to collar irons

                                                                                                                  stack your clothes vertically to see them all

                                                                                                                    the right way to make cookies in the summer

                                                                                                                      how to clean a blender

                                                                                                                        the right way to eat a popsicle

                                                                                                                          use bread clips to label and organize power cords

                                                                                                                            to get the built up residue off of your shower head

                                                                                                                              user a hair clip to orgainize long wires

                                                                                                                                a frozen saturated sponge in a bag

                                                                                                                                  rub stuck zipper teeth with a graphite pencil

                                                                                                                                    use a soda pop tab

                                                                                                                                      50

                                                                                                                                        51 How to multiply large numbers in your head.

                                                                                                                                          52 How to open a bottle if you dont have a corkscrew.

                                                                                                                                            rub a walnut on damaged wooden furniture

                                                                                                                                              kids fall out of bed

                                                                                                                                                use toothpaste to clear up hazy car

                                                                                                                                                  58

                                                                                                                                                    59 keep pizza out while driving home

                                                                                                                                                      60 put your straw through the tab to keep it from rising

                                                                                                                                                        hold oreos with a fork so your fingers

                                                                                                                                                          Never lose your remotes again

                                                                                                                                                            hiding your emergency money

                                                                                                                                                              use a bread tab to hold your spot on a roll

                                                                                                                                                                if you are at a hotel and run out of chargers

                                                                                                                                                                  keep a square of cardboard in a ziplock bag

                                                                                                                                                                    If you need to pee or smoke at a bar

                                                                                                                                                                      drill holes in the bottom of your garbage

                                                                                                                                                                        use an accented letter as your passcode

                                                                                                                                                                          use a squeeze ketchup bottle top with your shopvac

                                                                                                                                                                            do something unusual when locking the door

                                                                                                                                                                              when heating leftovers space out a circle in the middle

                                                                                                                                                                                dont burn yourself in those hard to reach candles

                                                                                                                                                                                  put a small amount of water in a glass when you microwave your pizza

                                                                                                                                                                                    75 use a piece of paper to organize

                                                                                                                                                                                      use half a pool noodle

                                                                                                                                                                                        pencil case to store cables

                                                                                                                                                                                          78 clothespin to hold nail

                                                                                                                                                                                            79 make blts

                                                                                                                                                                                              80 take a picture of your fridge

                                                                                                                                                                                                81 fill plastic water bottles

                                                                                                                                                                                                  82 right ways to eat chips

                                                                                                                                                                                                    99 if your plug keeps failing

                                                                                                                                                                                                      100 put the banana on the wire

                                                                                                                                                                                                        88 before you throw away a post it

                                                                                                                                                                                                          Source: Reddit LifeProTips

                                                                                                                                                                                                          There you go, 100 awesome life hacks that you can try right now to make your life a lot easier!

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