Clarity Online

Buying one’s first home is a milestone in everybody life, but it does come with its own challenges. The process can often overwhelm first-timers, especially those, without an organised plan. So, here is a step by step guide for potential homeowners and when they should get themselves a property legal advisor in their course of action. Step 1: Analyse your Financial Health Do not even start clicking through pages after pages of online property without reviewing your financial status with a keen eye. 1) Savings: Before buying a house, one should have enough saving to support them for at least 6 to 8 months in case they lose their job. 2) Down payment: You must start setting aside money for your down payment if you are planning to buy a home. In most cases, lenders would want at least 20% down payment of the amount they are lending, and one must stay ready with it. 3) Budget: It is usually recommended to look for homes that are about 3 to 5 times the annual income of the