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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 March 24, 2021

8 Smart Home Gadgets You Need in Your House

8 Smart Home Gadgets You Need in Your House

We’ve all done it. We’ve gone out and bought useless gadgets that we don’t really need, just because they seemed really cool at the time. Then, we are stuck with a bunch of junk, and end up tossing it or trying to sell it on Ebay.

On the other hand, there are some pretty awesome tech inventions that are actually useful. For instance, many of the latest home gadgets do some of your work for you, from adjusting the home thermostat to locking your front door. And, if used as designed, these tools should really help to make your life a lot easier—and that’s not just a claim from some infomercial trying to sell you yet another useless gadget.

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Take a look at some of the most popular “smart gadgets” on the market:

1. Smart Door Locks

A smart lock lets you lock and unlock your doors by using your smartphone, a special key fob, or biometrics. These locks are keyless, and much more difficult for intruders to break into, making your home a lot safer. You can even use a special app to let people into your home if you are not there to greet them.

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2. Smart Kitchen Tools

Wouldn’t you just love to have a pot of coffee waiting for you when you get home from work? What about a “smart pan” that tells you exactly when you need to flip that omelet? From meat thermometers to kitchen scales, you’ll find a variety of “smart” gadgets designed to make culinary geeks salivate.

3. Mini Home Speaker Play:1

If you love big sound, but hate how much space big speakers take up, and if you want a stereo system that is no bigger than your fist, check out the Play:1 mini speaker. All you have to do is plug it in, connect, and then you can stream without worrying about any interruptions or interface. You can even add onto it, and have different music playing in different rooms.

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4. Wi-Fi Security Cameras

These are the latest in home security, and they connect to the Wi-Fi in your home. You can use your mobile devices to monitor what is going on in your home at all times, no matter where you are. Options include motion sensors, two-way audio, and different recording options.

5. Nest Thermostat

This is a thermostat that lives with you. It can sense seasonal changes, temperature changes, etc., and it will adjust itself automatically. You will never have to fiddle with a thermostat dial or keypad again, because this one basically does all of the work for you. It can also help you to save as much as 12% on heating bills, and 15% on cooling bills.

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6. Smart Lighting

Control your home lighting from your remote device. This is great if you are out and want to make sure that there are some lights on. It is designed to be energy efficient, so it will pay for itself over time because you won’t have to spend so much on your monthly energy bills.

7. Google Chromecast Ultra

Whether you love movies, television shows, music, etc., you can stream it all using Google Chromecast Ultra. Stream all of the entertainment you love in up to 4K UHD and HDR, for just $69 monthly.

8. Canary

This home security system will automatically contact emergency services when they are needed. This system offers both video and audio surveillance, so there will be evidence if there are any break-ins on your property. You can also use it to check up on what’s happening at home when you are not there, including to make sure the kids are doing their homework.

Featured photo credit: Karolina via kaboompics.com

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