If you have bought a house before, you will know that it is a complicated process. Between the unfamiliar terminologies and strenuous logistics process involved in house buying; it is very easy to make a wrong move that will result in an ill-advised property investment.
If you are a https://qqbotak.site/,save yourself some trouble by learning all about the mistakes you should avoid when buying a house for the first time.
- Not deciding your house affordability budget
The first mistake you will make is to venture into house hunting without first determining your house budget. This may cause you to spend too much time looking at houses you cannot afford, or visiting properties that are way below your expected price.
For many first time buyers, the idea is to get a house mortgage with a comfortable monthly repayment, but when you fail to prepare a budget for your house, you may end up taking out a loan that will give you sleepless nights.
To avoid this type of mistake, it is a good idea to use some form of mortgage calculator to help you know what to expect when seeking financing.
- Settling for just one quote
Shopping for a house is like shopping for any other thing in the sense that you have the freedom to compare different prices in order to get the best deal.
This means that you just don’t sign up with the first mortgage provider you come across. Mortgage rates varies from one lender to another and taking time to explore all the lending options available to you mean you may find a deal that best suits your circumstances.
To avoid losing out on good deals, closing costs, and discount points, apply with multiple mortgage providers. You will be able to save hundreds of dollars in a year just by comparing offers from multiple sources.
- Not checking your credit report and score
Do you know that almost all mortgage providers will request your credit score and ratings before considering your mortgage application? They do this to confirm that you are not a debt risk before giving you the money you need for your new house.
If you have poor credit, you may be unable to secure mortgage for your house, and even if you do, you will end up with huge interests and heavy mortgage rates.
To avoid this, you should check your credit before applying for any form of loan. Once you notice that your credit score and rating is not in top shape, you should take steps to correct it. A good credit score and report is integral to getting a good mortgage deal for your new house.
- Making a small down payment
You will be required to make some down payment before buying a house. The down payment amount is usually around 20% of the value of the property, and the bigger down payment or deposit you are able to make, the better deal you will get.
One of the mistakes first time buyers say they make is failing to save enough money for the initial down payment. This resulted in bigger mortgage that may be difficult to handle.
Deciding how much to put down as initial deposit is a decision you have to take yourself. However, you should know that the bigger amount you can pay, the smaller your mortgage. The downside is that house prices may increase while you are trying to save enough to make a bigger deposit.
Exploring house purchase funding options is one of the first-time house buyer tips you can use to avoid hefty mortgages caused by small down payment. There are programmes that give certain amounts of money to first time buyers to help them buy their first house.
- Not considering repair and renovation costs
A lot of first time buyers are seriously surprised to discover that they will have to spend a lot of money on repair and renovations. This is because they fail to consider that the house they are buying may need repairs done to make it habitable.
Also, where repairs are considered, most first time buyers make the mistake of calculating a really low repair cost. This may be unintentional, especially if they get an estimate from a contractor. But as the repairs proceed, the work will begin to consume more money than budgeted.
To avoid this mistake, always assume that any house you buy will require some work done on it to make it habitable. You should also never settle for one repair estimate from one source. It is always better to seek multiple opinions on what needs to be done in a new house, and get multiple estimates so that you can plan your expenses properly.
What Are the Benefits of Helping Others?
When you can help others in any way (and there are many ways it can be done, from volunteering your time, donating your money, teaching others how to do something, and more), you will benefit from it. We know that helping others can make you feel good, but there is more to it than that. In fact, there are some scientifically backed reasons why helping others can help you just as much, or even more. Read on to find out more.
You Might Live Longer
Helping others has been shown to increase your lifespan. Research has actually shown that by helping out in somewhere like a soup kitchen, or coaching a local baseball team, or even learning about public safety at Wilfrid Laurier Online and then putting those new skills into action can help you to live longer.
When studied, it was shown that people who volunteer regularly were able to improve their immune systems and therefore were not so prone to getting diseases and conditions that might otherwise have killed them. Some of the reasons considered for this include the fact that volunteering prevents loneliness (and loneliness can make the immune system weaker, plus it can cause depression), and that you can make new friends (which is proven to be a healthy thing to do).
You Help More People Than You Realize
Another benefit of helping others is that you will usually be helping many more people than those you are in direct contact with. They say that altruism – the act of selflessly helping other people – is an act that causes ripple to spread out far and wide, and that does make sense. The person or people you are helping will be able to go on to help others, imparting the knowledge they learned from you to ensure other people have more productive, successful lives.
Also, you could be helping the people who may not know they need help themselves but who are dealing with those who are clearly in need of help, the ones you are keen to deal with. These are people who live with those who need help, for example, such as children and partners. If you are giving someone the support they need, those people will benefit too.
You’ll Feel Happy
One of the most straightforwardand most important benefits of helping others is that it will make you feel happy. Happiness should not be underrated, and it may surprise you when you stop to think about the last time you were truly happy. It might be a lot longer ago than you thought.
When you are happy, your hormones are in balance, and you feel more confident, more productive, and your mental health benefits too. You are more likely to exercise when you are happy and to seek out new things to do. All in all, happiness is something we should all strive for every day, but in a busy world where work always seems to be so important, satisfaction is difficult to attain.
Unless that is, you can help others. Even if no one else knows what you did, your memory of the act and your pleasure at being able to assist someone, no matter how small the assistance might have been, will make you happy. This heightened sense of wellbeing will help you to cope with anything negative that might come your way and make you more resilient should you need to deal with emergencies and problems.
Your Chronic Pain May Be Relieved
If you are suffering from chronic – long term – pain, it might seem as though there is nothing that can be done other than trying to reduce that pain as much as possible with medication or perhaps exercise. The truth is that there are several ways that chronic pain can be somewhat soothed, and some research will help you determine which of these methods will help you the most – speaking to your doctor is also a good idea if you are thinking of trying any of them.
One of the ideas that might appeal to you when it comes to alleviating chronic pain is helping others. According to one study, people who are often able to help other people, either through their work or through volunteering in some way, found that their chronic pain was reduced. Although we still don’t know what causes this, it is likely to be to do with the different chemical levels in your body.
Your Blood Pressure Will Lower
Having high blood pressure continually is bad for you. It can lead to heart problems and other health concerns, including putting you at risk of a stroke. Most of the time, you will be told what you can’t do and what you should give up to help your blood pressure lower, but did you know that helping others – actively doing something rather than doing nothing – can help to reduce your blood pressure too?
Research states that helping others (and ideally volunteering for at least 200 hours a year) has lowered the blood pressure of many previously at-risk patients. In fact, their high blood pressure (also known as hypertension) was reduced by as much as 40 percent. The reasons for this might be that they are not feeling stressed, that they are not feeling lonely and that they can feel true happiness.
You’ll Have A Sense of Purpose
If you’ve ever felt that there is more to life than what you are currently doing, and you think you lack a sense of purpose, deciding to go out and help other people can change everything for you in a positive way. When you are helping others, perhaps in a job that deals with public safety or in a volunteer capacity, you will feel a much higher sense of self-worth and purpose.
Feeling a sense of purpose in life can change everything. You will look for new opportunities to enhance this new feeling, for example, and you might think about going back to school so that you can change your current life for the better. It all starts when you look for ways to help others.