What To Know About Being A Homeowner

---

The excitement of being a homeowner is a wonderful feeling especially if it's your first time. 
It can be the most rewarding moment in our life but some first-time homeowners often lose their heads a little bit while making unnecessary mistakes which can lead to risking everything they've worked so hard to earn. 
It's important to browse all the information you may need before being a homeowner because it can super costly and frustrating if you're in a not-knowing situation. 

In this blog post, I want to make things easier as you yourself would save a lot of time with all these household hints. Here are some things you need to know about being a homeowner:
DOWNPAYMENTDownpayment is a mandatory lump sum payment to be paid upfront for any property-related purchase. The cost may vary depending on how much the home price but the minimum downpayment rates of property purchases are usually 10% of the transaction price. 
Some people choose to save up a large amount of money in some time so that they can pay more upfront as a downpayment in order to reduce the amount of principal loan they'll need to borrow from the bank. It's a great way to lessen the burden of your next monthly loan repayment. 
MORTGAGE PAYMENTA mortgage payment is an amount you need to pay every month toward your mortgage (loan) or it is described as your monthly repayment. 
It is made of your principal loan and interest payments. Without proper financial goals and planning, you may eventually be stuck in excessive debts due to insufficient money for your monthly repayment. 
It is recommended to set the mortgage payment limit to 30% of your monthly gross income to avoid leaving yourself with having a smaller cushion to take care of other basic needs and commitments. Do a full calculation of how much you would comfortably afford every month for the mortgage payment. 
HIDDEN COSTSDon't be swayed by the small number of monthly installments on the screen alone. While people would typically look at the down payment amount and monthly installments, there are several other costs of owning a home you will need to consider as well. This will include:
Upfront fees and charges - required paperwork to make your property purchase legalHazard insurance - to protect against any unforeseen circumstances related to your propertyMortgage insurance - to provides a lump sum money to pay off your remaining mortgage in case of any unexpected events Utility deposits and charges - to cover administrative process, installation fees, stamp dutyProperty taxes - to be paid yearly to the governmentMaintenance fees - immediate repairs, inspections, community services Personalizing costs - renovation, furnishing, lawn maintaining, other upkeeping feesValuation fees - an assessment of what your home is worth, calculated by a professional valuer, to get a better sense of whether you're getting a good deal or not
Buying a house is not just about the real estate prices and lengthy loan repayment periods that range about 30 years or more, but it is more than that. Make sure that you are mentally and financially prepared to bear all these costs when you are about to own a home

CLOSING COSTA closing cost is an amount required to be paid to the service providers who help facilitate the transaction after a house purchase is finalized. When settling a property purchase, closing costs are usually charged to both buyer and seller to compensate the process of funding, approval, and insuring sales

The buyer's costs would include lender fees, appraisal fees, homeowner fees, insurance, and also third-party fees. While the seller's costs cover the real estate commission for the agent, listing fees, and ownership transfer fees. As a buyer, you might be able to negotiate with the home's seller to cover some of your closing costs

LOCATIONIt is important to do a lot of research about the location you're interested in when you are about to buy a house since it is one of the major factors that affect the property market value in most areas. The impact of location on house pricing is due to placement, amenities, surrounding environment, and also the access to other services.  
For example, a lot of Banff Homes for sale are quite expensive because the area is located in a national park. It gives you a nice breathe of air with a beautiful silence at night that could be a nice change of city life. It could be a nice decision to live there since the environment where the house is located will contribute a lot to your mental well-being and emotions. 
NEIGHBORSKnowing your neighbors not only will let you make more friends but will also make it easier for you to address any issues that might arise later such as safety, parking lots, property boundaries, health availability, or noise concerns. 
Everyone knows that having bad neighbors could be quite troublesome that leads to an unpleasant living environment. You can take the first to be a good neighbor by introducing yourself and making friends right away as soon as you move in. 
It is okay to get nosy and talk to neighbors as you will learn a lot about the neighborhood drama

---