Tips to consider in investing for a property

It doesn't matter whether it's a buyer's market or a seller's market; there is one thing that is common among all homebuyers and that is - they don't want to get ripped off. And while thoughts of white fences and granite countertops may be dancing allover your mind, being carried away by a dream and left holding a serious bill would be very problematic. Getting your first home would be one of the biggest purchases you'll ever make, so instead of making an impulse buy, make sure you do your research and have yourself backed up by a few quality advisers.

Now, if you are wondering how can someone who is going to buy a property for the first time be able to get a fair deal on the home they are prepared to place an offer on, here are several important tips you need to consider.

• First things first, attend a first-time home buyer's seminar. Every undertaking needs to be learnt before you actually go hands on. The same goes to home buying. Making the wrong decision on your first house can come back to haunt you, so it is important to take a little time to learn from the pros and go straight to the head of the class with your investment knowledge. Here, you can decide whether you should get yourself a deal of house and land packages or a lot.

• Understand your budget. Having high expectations on the type of house you wish to get can set you up for disappointment if you don't know what you can afford. So you need to sit down and look seriously at your average monthly budget, take a hard look at where you are spending your money on - everything from the restaurant bills to your dry-cleaning bills. And when you finish checking out your monthly bills, you'll then figure out what you have left to spend for your monthly mortgage and home expenses. And if the numbers aren't adding up to what you want, then you need to start to buckle down and change your spending ways to make sure you are able to pay your bills as this is one of the most important factors in buying your first home.

• Take your time. Homes constantly come on and off the market. You may not be able to find your dream home, however, you won't need to settle for anything less simply because you feel under the gun to buy something. For the time being, you can consider renting so you can give yourself time to find the right home.

Based on the article by Keith H. Bailey