Budgeting Mistakes to Avoid While Buying a Home for the First Time

Buying a home for the first time is an occasion too big to not feel butterflies fluttering in one’s stomach.  The amount of money at stake is simply mind boggling and therefore it is advised to be thorough with every detail of the deal to ensure a happy ending.  Not many get a second chance. Here is a post detailing the very mistakes one must avoid committing.

Buying a home in one of the best locations is a dream that everyone would like to fulfill at least once in his or her lifetime. Those who are able to accomplish the same are considered lucky by themselves as well as others. However, consider a situation when you had the best of opportunities to achieve this dream and by your own minor error of judgment you aren’t able to close in on the deal the way you would have want to. Not only will it stick like a sore thumb, the thought of getting so close and yet not through will haunt you for the rest of your life. It is better to be prepared than to repent later and therefore, this post will serve you as a primer on the important things to take note of while investing in real estate and more importantly avoiding the mistakes that can turn a sweet deal into a sour one.

Not considering the hidden costs while buying the home

This is the most common and annoying of all the budgeting mistakes, justifying why it has been listed above all. Most first time home buyers have a figure in mind that heavily discounts on the complete costs of ownership, excluding common fees like appraisal fee, notary fee, escrow fee, which when combined can make a sizeable amount of money. These all are the closing costs, which, if not included from very early on can make you house poor, where you will have spent so much on just buying the home that you wouldn’t have much left to afford the other expenditures that follow.

Ignoring a bad credit report

Your credit report is the first thing that a bank official would check before signing on the approval form of your home loan, and if it doesn’t looks right it will also be probably the last thing to be checked. Most people underestimate the importance of credit report.  However, not only a decent credit report will help the finance company speed track the approval of mortgage, but might also help you get a lower interest rate on your mortgage. You can yourself check the health of your credit report through an official website.  A bad credit report notwithstanding, an even worse condition would be to have no credit history at all.

Not considering home resale value

As a first time home buyer the selling value of your house, which you haven’t even bought till now is certainly not one of your first considerations. In spite of all your intentions to spend a lifetime in the newly bought home, there might be a situation when you are forced to move out to a different place, or who knows you might get an even better pad to live on, and in such condition selling the existing one is only a just and reasonable thing to do. Home buying is essentially an investment, albeit a long term one and therefore, it is essential that you make your moves while considering what others also think about your home, in addition to what you yourself think.

Not budgeting for the home loan

Majority of the mere mortals have banks and other finance companies for their homes. If it had not been for their mortgages and home loans, buying a new property would have remained the privilege that few would have enjoyed.  Not making a budget that takes into account your monthly down payments is a disaster. The easiest way to stay in clear is make a complete list of what your existing income and expenses are and then making an easy comparison.  Many first home buyers do not go through the ordeal of this budgeting and consider their rents as equivalent to the monthly EMIs, making a decision in haste, only to regret it later on. 

Author Bio: Delhi born Saurabh Tyagi has a penchant for writing, which he discovered early on in life. He likes to put pen to paper every now and then for topics such as properties in Kochi, serviced apartments for sale and commercial real estate Noida. Currently he writes on behalf of 99acres.com, a leading real estate site.

Living the Olympic Dream in Your Own Home

It is a year on since the glorious London 2012 Olympics and big plans are in place for developing the Olympic site including around 11,000 new homes through residential development. 

Unfortunately many Olympic sites across the world have not quite lived up to expectations after the event and some are even ghost towns, but it looks like the site in Stratford East London is going to go from strength to strength. With great transport links, well established shopping and fabulous venues already in place it's looking like a great place to live in the coming years.

What is being planned?
The Olympic Park is going to be known as the Queen Elizabeth Olympic Park from this year and the London Legacy Development Corporation is driving the massive developments forward.
The housing development is going to include 11,000 new homes in an environment that will be dedicated to creating a strong family and community feel. There will be specific neighbourhoods with different feels, five in total and they will be surrounded by open areas, green spaces and parklands. An ideal environment to live in, yet so close to central London via quick transport links.

The housing will be varied with planning going to include apartments in the more high density area of the site near Stratford City and all the cultural amenities it offers. There will be family homes in the less built up areas of the site including Georgian terraces and Scandinavian styled dwellings along the waterways.

Infrastructure plans include not only new roads but also sports and culture venues and activities and even a brand new high street that will run from the park in the north to the new neighbourhood to be known as East Village.
 
A new kind of living environment
This development will see thousands of people move to Stratford in the next few years. Not only will they experience a new style of living in London they will be living in a development striving to be energy efficient and low carbon. There will be green insulation, combined power and heat sources, heat pumps and green roofing.
 
Leading architects and designers from across the world are involved in developing the housing that will be on canals, in parkland, urban based in Stratford City and even in the former Athletes Village.
 
Something for everyone
All ages and incomes will be taken into account in the development. Homes will be available to rent or to buy and there will be affordable options to either partially rent or partially buy. It is a great plan for London that affordable housing in a fantastic environment will be available where people can also benefit from excellent infrastructure, transport links, cultural venues all in a rapidly growing area.
 
The rejuvenation of Stratford prior to the Olympics in 2012 was remarkable and went a long way to creating a great centre for entertainment and the arts and a growing retail centre that many people from all over London travel to. Now that affordable housing in an environmentally and family friendly environment is on its way, the former Olympic site will be part of a ground breaking residential development.
 
AUTHOR BIO:
Della is an experienced freelance writer who has been contributing to websites and blogs for over ten years. She has been focusing recently on affordable housing and residential development opportunities across the country including those spearheaded by Pervaiz Naviede. Residential development is an exciting and fast changing area and he intends to follow it with intense interest.

Interior Design Ideas for Commercial Property

This article discusses ways to decorate a commercial property and how to blend a classy or homely and welcoming interior with an industrial exterior. It includes styles of decor to try and ways to make the space welcoming and conducive to buying.

Decorating a commercial space is a completely different job to decorating a home or house as your need to consider not just a few residents but all of the potential customers that may come through the doors. It is important to create the right ambiance but to also maintain an air of professionalism and competence that will make customers feel confident in your ability or product.

Keep it welcoming for all

You need your interior design style to suit the kind of customer you are hoping to attract, as well as making existing customers happy. So if you are decorating a nursery then bright colours and murals are ideal, but you will also want parents to feel that they are leaving their children in safe hands so clean looking areas and child friendly furniture are also important. If you are running a trendy bar you will need to appeal to the right clientele, but be aware that too trendy tends to go out of style very quickly, so focus on a timeless classic look. Use the materials that you have; painting commercial shutters can make your premises look great even when it is secured, so take the opportunity next time you have to get roller shutter repairs and paint the shutters at the same time.

Blend into the surroundings

Rather than decorating and covering up industrial structures and brick or steel work try including it in the look. This is a cheaper way to decorate and can look very good and professional for the right type of company. A bar decorated in this way will hold its style for a lot longer than one that has a lot more effort and is in the latest of trends which will look old and tired quickly; and exposed red brick gives a warm feel to offices or shops; just coat the exposed sections with clear sealant to minimise dust. Wooden framework is particularly attractive; sand down any exposed bits and use wax or a matt varnish to bring out the grain and colour of the wood and you will have an expensive looking space at a fraction of the cost than it appears to be.

Decorating a commercial space can be a tricky task, but as long as you think of the customers you are trying to attract and use the space and materials that are already available you can create some stunning effects with minimal cost and effort. Visualise what you are planning and then put yourself in the customers place and don't forget practical considerations such as enough space to move about.

AUTHOR BIO

Peter Smith is an interior designer who loves decorating commercial properties and has caused the need for commercial roller shutter repairs many times when he has turned his hand to mural painting on a steel roller shutter that secures a premise. He loves the contrast of modern and classic and particularly likes the look of exposed brick in a commercial environment.

Buying for the First Time in Northern Ireland

The housing market has had a rocky road over the past few years and mortgages have been hard to come by. Now the situation is easing and some specialist providers are specifically serving the first time buyer. We look at the process of buying for the first time.

It wasn't so long ago that buying a house was pretty much the expected thing to do for most people. Mortgages had become relatively cheap and easily available. Some lenders offered 100% mortgages and at the height of easy credit others even offered greater than 100% mortgages, the balance to be used, presumably, for home improvements. Other companies offered self certification mortgages, where evidence of income was not required. These were originally intended for the likes of the self employed, who might find it difficult to provide evidence of earnings but the reality is that they could be used by almost anyone. The credit crunch in 2007 put an end to all that but now there are strong signs that the market is recovering and 25% of house purchases are by first time buyers.

The Challenges For First Time Buyers
It is good to see so many first time buyers coming back to the market but many estate agents Belfast has report that such buyers have a common set of concerns. Perhaps unsurprisingly, the most reported concern is simply raising a large enough deposit to qualify for a mortgage with a competitive interest rate. The days of 100% mortgages seem to be behind us and the best rates are now usually reserved for those with a large deposit. The second most widely reported challenge is finding a suitable property. This can be especially difficult in cities and areas where property prices are high, meaning that first time buyers may have to look at moving away from friends and family to find affordable housing.

Personal Concerns
Many potential first time buyers are concerned about their personal financial security. Clearly the economy has been tough recently and jobs have not been as secure as they have been in the past. This has led first time buyers to postpone their first purchase until the economy improves. Other first time buyers report they are concerned about meeting the monthly repayments on their mortgages.

In the rental market, such people could simply move to cheaper accommodation but the mortgage is more of a fixed cost. With houses in the last few years often taking longer to sell, downsizing to a smaller house may not be so easy. For some estate agents Belfast has been a fluctuating market and this is again reflected in the concerns of first time buyers. Whereas house prices in the past were always expected to rise, the current market has been less predictable. It is more important than ever before, therefore, to find an experienced estate agent who has expertise both in the local area and in the first time buyers market. There is no doubt that such advice does exist and the savvy first time buyer will take advantage of it. Renting has become more common in the past few years, especially since the credit crunch began to bite in 2007, but there is no doubt that many people harbour aspirations to get onto the property ladder. Government initiatives and rising house prices will help.

AUTHOR BIO:

Della Moris is interested in personal finance and real estate and writes widely on related topics. She has himself recently become a first time buyer NI after years of renting.