Six Things to Consider Before Buying Your First Apartment

Buying your first apartment may the largest investment that you have ever made, which makes it even more important to have a plan before you go looking for apartments. Just like any other investments, you should do your homework as to how much you are willing to invest and what you hope to gain in return.

1.Decide where you want to live? Which part of the city suits your lifestyle best? How far do you want to be from your work spot? Do you want to have shops nearby? If you like to have a walking community then put that in your wish list. If you want open spaces nearby, look for apartments near parks.

2.Decide how much you want to pay. Make sure to meet with a loan officer to be prequalified for a mortgage loan. He will enquire about your income and debts and tell you how much you can afford to spend. Then spend some time deciding as to how you want your life to look like after buying the apartment. Are you planning to have children in the near future or do you want money to travel? A lender can tell you how much you can afford to spend today, but he doesn’t know what you purpose to do with your life in the future. If you plan on investing less on apartments than you can afford then you will have money left for other things.

3.Look for a real estate agent. An agent knows the market well and can use your “wish list” as a tool to narrow down as to where you want to look. He can also negotiate to get you the best possible deal on a property and can complete the paper work involved in buying a home. Always make sure to find an agent that can represent you as a buyer and not as a selling agent. Remember, it is the seller who pays’s the buyer’s agent, so you don’t have to pay him while working with him.

4.Ask your agent to write an offer on your behalf after you have found a home for buying. He can help you find a fair opening bid and remind you of any extra amenities that you can ask to include. He will present your offer to the seller’s agent or to the homeowner if he is not working with an agent and will keep you informed on how the negotiations are going on.

5.Find out how much it’s actually going to cost to buy the apartment. First time buyers are often shocked to learn that their initial purchase is going to involve more than the down payment. Expect inspection cost, loan-origination fees, application fees, first month’s homeowner’s insurance, recording fees, appraisal and attorney’s fees. All of these fees can add up to 3-8% of your final purchase price. Ask your real estate agent to prepare a good-faith estimate (GFE) for any property that you are planning to purchase so that you know how much the total cost is.

6.Finally you are going to find about the ongoing costs. Ask for copies of the previous homeowner’s utility bills, repair bills, property tax, insurance bills and trash disposal bills. And don’t forget to include these expenses in to your monthly budget.

Money Saving Tips to Help You Buy a House

Buying a house is a goal for many people. However, with housing prices it may not be easy to achieve, especially if you are the type who is careless with money. Some of us often waste our money on frivolous and unnecessary things, making our dreams of home ownership unachievable. As the New Year begins, is it time to change your spending (and saving) habits?

In this article, we will give you some practical money-saving tips that will lead you closer to your goal of buying your own house.

• Assess your spending habits – the first step is to assess where you spend your money. If you find it hard to save you need to know the reasons why. Be very honest with yourself. Do not try to defend or ignore your habits.

• List down all your expenses – after that, it is time to list down all your expenses every month. This includes rent, electricity bill, gas, credit card bills, loans, food allowance, entertainment and so on and so forth.

• Make a budget plan – then you should start to come up with a budget plan. Since you’ve already assessed your spending habits, you already know what you should remove from your list. Prioritize your needs over your whims. You can allot money for your leisure activities but keep it affordable so you can save more.

• Spend within your budget – after you’ve set your monthly or weekly budget, you should make sure to stick with it. Spend your money in strict adherence to the budget. Do not go overboard or the budget plan you made will just be a waste and you will get stuck with your old spending habits. However you may need small rewards along the way as you achieve your goals, this can greatly help keep you on track.

• Allot a specific percentage for your savings – it is also important to allot a specific percentage of your income to go to your savings account. You should do this first and foremost before you start spending your money. This way, your disposable income is what remains after you have secured your savings. A direct deposit to a Tax Free Savings Account is one way to achieve this.

• Avoid impulse buying – also, it is imperative to avoid impulse buying. Schedule your shopping and list down the things that you need to purchase and keep within that budget. Impulse buying is one of the most common reasons why people fail financially, so do not fall for this habit.

• Find additional source of income – lastly, if necessary, you may need to look for some additional source of income. It is best to use your time wisely. You may need to sacrifice some social time and look for a part-time job that is manageable for you. That way, you will be able to augment your savings.

Is it time to change the way you handle your money and start thinking about your future? Just imagine being able to afford a beautiful house. By making a plan that works for you your dreams can become reality.

Apartment or House?

Apartment is defined as, a set of rooms which have all the facilities like a house. The major types of apartment are studio apartment, bedroom apartment, duplex, lofts, garden apartment. If I was asked where I would I prefer to live in a traditional house or in a modern apartment building, I think, I would hesitate to answer. This question, from my point of view, is a controversial one. In the following paragraphs I will analyze both these options and present my view.

It’s everyone’s dream to have a comfortable place to live. As the majority of people say, I want to get an attractive house someday, but unluckily it is not so easy to get because it is very costly. But there are several differences between owning a house and renting an apartment. The first difference is the noise. If you are renting an apartment and you are a noisy person, it is very painful for the rest of the people who live with you. For example if you are always playing melodic instruments, listening to loud music and cleaning the house with noisy machines you are really troubling the other people and I’m sure that you wouldn’t want to be in their place. But also, in a lot of cases the noise depends on if the owner permits it or not. In contrast, owning a house is more comfortable if you are a noisy person because you are the owner and responsible for all the things of your house and you don’t have to care of disturbing someone. For example, if you are the owner of the house you are free to even have a noisy party or whatever you want because it is your house. The second and most important difference for me is about the policy. When you live in an apartment, you have to comply with the owner’s policy. For example, you have to ask for him or her if you are free to have visitors, pets, parties, etc. On the other hand, when you rent an apartment, you are not as free as you are when you are the owner of a house to do whatever you want. In contrast, owning a house permits you to be free without caring that someone is dissatisfied with your ideas and decisions about your house. In this case you can paint your house, buy a big tape recorder or do all the things that you want. In conclusion, I prefer owning a house that is better than renting an apartment because I can be free to do whatever I want, without policy and it gives me more sovereignty and relieve.

From the one side, living in a modern apartment building brings many paybacks. First of all, it is cheaper than living in a traditional house and paying different kinds of fees I am not familiar with. For instance, my buddy, who recently bought a new house for his family, told me that it is much easier to live in an apartment and I tend to believe him when I see his bills. So, living in an apartment will definitely help me to save some money. Second of all, since I live alone, I do not need a big house with many rooms. I just need a bedroom and a living room where I can take my guests and have my work place. Another important benefit of living in an apartment is that I will not have to buy much weighty furniture in order to furnish all rooms.