What Questions do First-Time Homeowners ask the most?

There is so much to consider when it comes to the daunting thought of buying your first home, decisions like this don’t come any bigger. This is an extremely stressful period, especially for young couples buying their first-time home. However, help is available and advised.

Before you take the plunge have a look at the top 5 commonly asked questions for new home buyers.

How can I begin to save for a Mortgage?

Unfortunately, there is no simple answer or clever trick for this. It’s a matter of planning and ultimately budgeting. The golden rule is to get as many of your debts paid as you can. Make a spending plan and stick closely to it, and be as focused on your goal as possible.

What is the average age for first-time home buyers nowadays?

People are buying their first homes much later in life, the current average is anywhere between 28-40. This is purely down to financial security as people tend to have a better, and more secure income as they get older and wiser.

What is the most important thing to consider when debating taking out a mortgage?

To rent or to buy, that is the question. It has been discussed so often and yet a lot of young couples who see mortgage advisers still presume they can’t really afford to buy at the moment. In many instances, that’s not the case. Typically, this realisation hits them by the end of the meeting with their bank manager/mortgage advisor.

What advice can you give to those intimidated by mortgages?

Here are some key pointers that every first time buyer should keep in mind when shopping for your new home.

• Research as much as you can and then research some more.
• Avoid any outdated information and check the time the information was published.
• Sit down with an expert to discuss all aspects of your plans.
• Work with what you have, not what you hope to have in the near future.
• Get a rate hold for 90 days.