Posts tagged "Home Buyers"

Simple checklist for first time home owners

If you’ve just bought your first home, the paperwork isn’t about to end quite yet – there can still be many factors to take care of before you can rest easy in your new place, knowing everything is in order.

Whatever stage of the buying process you’re currently at, you should always bear in mind that there are many options available, so you should compare rates for everything from loans to house prices, funding options and insurance to ensure you aren’t paying over the odds. There are many factors that can influence the price of homes, from the current state of the housing market to the neighbourhood it occupies and its distance from the city or town centre, but the company or estate agent you choose will also play their part in determining the price.

The internet is an excellent tool for today’s home buyers, with around 80 per cent of first time buyers beginning their search for a home online. That’s because websites are capable of containing a much greater variety of houses and details than other mediums, and the information is also more likely to be up-to-date. As well as allowing you to compare prices, dedicated home buyer websites can also grant access to forums where you can discuss your plans with other home buyers and share tips and advice.

Buying a home doesn’t have to be a time-consuming process if you’re motivated, with many people settling on the property they desire within a few weeks, or even a few days. Spending longer than you necessarily need to visiting properties and discussing mortgages with your provider could end up increasing the price rather than lowering it, so while patience is required when dealing with such a large investment, you shouldn’t have to feel like the task needs to take a lifetime.

Once you’ve made an offer, agreed on a price and obtained your house keys, there may still be more to take care of in your home, especially if it’s a new property that’s currently unfurnished or one that needs repairs. Buying an old or damaged property to save money may seem like a good idea, but the cost of repairs can often be staggering – not to mention the higher rates you could be paying for home insurance.

The internet should be your first destination to compare house insurance too, allowing you to view the best deals available from the top insurers in the business and to choose the one that best suits you.

The author of this article is a part of a digital blogging team who work with brands like Confused.com. The content contained in this article is for information purposes only and should not be used to make any financial decisions.

Should I get title insurance for a condo I’m paying cash for?

The only reason everyone gets title insurance is because 99.9% of home buyers need to take out a mortgage and mortgage companies make you pay for title insurance or they won’t give you the money. In my case, I’m paying cash for a 190k condo. Do I really need title insurance? The husband and wife that Im buying it from have owned the condo for 13 years. If they had title insurance on the condo, doesn’t that take care of finding out about all the previous owners? Can’t I just do a search on the husband and wife to make sure they have no liens on the property?

Absolutely. I don’t think you’ll find anybody who will advise you against purchasing title insurance, whether you’re paying cash or not. There could be liens on the property that you’ll never be able to find on your own, and there may be liens that the sellers aren’t even aware of. You could potentially lose your home just because you wanted to save a few thousand dollars. It’s not worth the risk.