The Most Important Investment of Your Life: How Much Money Do You Need to Buy a House?

Buying a home for the first time can be very exciting. But it can also be one of the most stressful things that you'll ever do in life.

In fact, buying a home for the first time can be so stressful that it leads to about one-third of all first-time homebuyers shedding tears at some point. They get so overwhelmed by the process that they can't help but cry.

Many first-time homebuyers have a million and one questions, and it leads to them feeling anxious. They wonder things like, "How much money do you need to buy a house?", and can't sleep without answers.

If you're concerned about the financial aspect of buying a home, learning how much it'll cost can put your mind at ease. Here is what you'll need to know about how much money you need to have saved up to purchase your first home.

Let's Start by Discussing a Downpayment

You can't possibly answer the question, "How much money do you need to buy a house?", without first talking about putting together a downpayment for a home. It's usually the largest expense for a first-time homebuyer.

Generally speaking, you're going to need to put down 20% of the total cost of your first home as part of a downpayment. Even if you're taking out a home loan through a great lender like the Bank of QLD, a downpayment is a must.

If you're buying, say, a $200,000 home, that means that you'll need to have about $40,000 ready to put down as your downpayment. Or, if you can't do that, you'll need to apply for a very specific home loan that allows you to put down a smaller downpayment for your home.

This could lead to you paying slightly higher interest rates on your home loan than you would otherwise. But it's not a bad option for those who don't have $40,000 lying around for a downpayment.

Make Sure You Don't Forget About Closing Costs

The downpayment that you put down on your first home will represent your largest single expense. But that won't be the only money that you'll have to shell out when purchasing a home.

There are also going to be closing costs that you'll be responsible for at the end of the home-buying process. These costs catch some first-time homebuyers completely off-guard and make them apprehensive about buying a home.

Closing costs are usually anywhere from 2 to 3% of the cost of a home. You should expect to spend upwards of $6,000 on closing costs when you buy a $200,000 home.

But you should also consider trying to find a way to get out of paying closing costs if you can. Many homebuyers will negotiate closing costs into their deal with a home seller and have them cover closing costs. It's a nice way to save yourself some money in the end.

Take Prepaid Expenses Into Account

Closing costs aren't the only things that catch some first-time home buyers off-guard. They're also often shocked to find out how much they're really going to have to pay for their home every month.

The monthly mortgage on a $200,000 home will likely cost you right around $1,000 or so. But you're going to have to pay a lot more than that for your home every month once you factor in real estate taxes and homeowners insurance.

Depending on where you live, you might pay twice what you were expecting to pay to live in a $200,000 home every month. You might also be asked by your lender to set up an escrow account for your prepaid expenses so that those expenses are covered ahead of time.

Every lender operates a little bit differently when it comes to handling prepaid expenses. But it wouldn't be crazy for your lender to ask you to fill an escrow account with $1,500 or so before you move into a home so that they know they can cover your initial prepaid expenses.

Consider the Cost of Making a Move

So at this point, you've figured out how much of a downpayment you're going to need to put down on your first home. You've also accounted for closing costs and prepaid expenses. It's time to put your wallet away and start enjoying your new home, right?

Almost, but not quite. Before you're able to begin soaking up everything your first house has to offer, you're going to need to move into it. And that will—you guessed it!—cost you some more money.

Moving into a home might not seem like it would be such a big expense. But according to the American Moving & Storage Association, the average intrastate move costs almost $1,200. The average interstate move costs more than $5,600.

There is also a chance that you might want to do some work on your first home before moving into it or, at the very least, buy new furniture and appliances for it. This will force you to come up with more money for your new home.

You can, of course, find ways to cut the costs associated with moving into a new home. You can move all of your things by yourself or opt not to change much to your new home right now to trim your costs.

But it's a good idea to think about the various moving costs you might incur. They can easily blow your budget if you're not careful. 

How Much Money Do You Need to Buy a House? It Really All Depends

So, how much money do you need to buy a house? Well, as you've just seen, it kind of all depends on any number of factors.

If, for instance, you buy a $400,000 home instead of a $200,000 one, you're going to need a much larger downpayment for it. You're also going to need to set aside more money for real estate taxes, homeowners insurance, and more.

But you can use the percentages and average costs found here to calculate roughly how much money you'll need to buy your first house. You'll sleep better at night when you know the answer. Or you can find a good financial advisor like Kpartners to ask for the optimal option.

Interested in getting more tips on buying a house? Read the articles on our blog to find out all about how to purchase a home.

What To Know About The Urban High-Rise Market

Evolution is the name of the game and nowhere else on the planet will you find that in buckets, than in New York City. A breath-taking, jaw-dropping, mesmerizing skyline that only looks set to become larger and larger. It's by far the top space in the real estate world besides London, for high-rise buildings. What are high-rise buildings used for? So many different things, such as apartments, offices, penthouses, private meeting rooms, shared workspace (co-working) and of course, for leisure and entertainment rooms. They’re so adaptable and once built, they’ll be standing strong for over 100 years. Because they’re so adaptable to the incoming decades, they’re a brilliant investment. Here’s what you need to know about the urban high-rise game.

Looking for expanding cities

Once upon a time, high-rises were being built in the center of major cities. Why? Well, it gave every professional the opportunity to live close to work. The idea behind this was to have as many professionals living close to work so they could work later and not be worried about a long journey home. It worked a treat and now they call New York, the ‘city that never sleeps’. However, even New York is expanding with more high-rise buildings being built just outside of Manhattan and going up towards the higher-numbered streets. That’s why you should look to invest in new high-rises that are being built further afield as the competition won’t be as intense yet, it's a long-term fruit that will ripen in just a few years.

Showing the world

When you invest in a high-rise property, you must never rely upon the building owners or company that the owners hire, to market your property. Once you have signed on the dotted line, it's yours to show to the world. Hiring a 3D rendering and video recording company will allow you to create a virtual tour of the properties you own. For detailed and high-quality 3d architectural renderings, consider partnering with professionals who can bring your property to life with stunning visuals. Discover what this is all about Here and go through some of the examples that have been posted up. Discover what this is all about Here and go through some of the examples that have been posted up. Hiring such a company for your property is an easy process. You simply need to contact them and have a face-to-face meeting in the property. They’ll look over the apartments, penthouses or offices, and they’ll sketch a plan that will create a smooth-flowing tour that online viewers will love. 

Affluent class of renter/buyer

High-rise apartment buildings are always going to be bought by the affluent class. Young professionals, working high-paying salary jobs, will always look for the best kinds of modern apartments to rent. Therefore, don’t be so hasty to sign a contract, always remember you hold all the cards. You may want to have a bidding battle among clients to see who is willing to pay more. However, their demands in return will also be high. Any kind of leaks, power outages and disturbances have to be dealt with as soon as possible. The money for the investor is great but you are held to higher standards too.

The high-rise market did go through a slight lull in the previous couple of years but now it's roaring back with a vengeance. Now is the time to get involved before the next decade begins.

Why People Keep Seeking for a Fresh Start

Have you experienced feeling lost or restless? If you are now feeling as if something is lacking in your life, you are not alone. You are one of many people who constantly seek for something more. It is common for people to constantly look for change or improvement in their lives. This is why there are times when we want to look for a new job, change our career path, or move to a new place.

There are a lot of reasons you now want a fresh start. For example, you feel like you are not experiencing personal growth in your job. So, you eventually decide to look for another company and seek for a higher position. Or, maybe it has something to do with family stuff. For instance, something tragic has happened and you simply want to start anew. No one will blame you if you are going to move on with your life and seek change.

The Reasons Behind the Desire for Change

The following are some of the most common reasons people continuously seek change.

• We get satisfaction whenever we seek for something new.

• We desire perfection.

• We continuously aim for improvement.

• We do not want to tolerate toxic situations.

How to Get a Fresh Start

Seeking change and looking for a fresh start in life can be very challenging. It involves a lot of risks and major adjustments. However, if you are already decided, you can consider these practical tips to guide you towards new changes.

• Find the perfect place to stay -If you want to move to a new city, you need to find the ideal residence. Having a new home creates a major impact to your life. For starters, you can talk to real estate agents at companies likehttp://www.camijoneshomes.com/ to get professional assistance in choosing a new property.

• Grab opportunities and work with a company that embraces growth -If you want to leave your old job, look for a new one where you can have a better career growth. Apply for a company that has a healthy work environment and cares for their employees. This way, you can expect to work with a team that will always be there to help and support you.

• Meet new people -Try meeting new people and developing beautiful relationships. If you move to a new home, start by connecting with your neighbors first. Then, join the local community and participate in events, charities, and other meaningful activities.

• Celebrate your new life -Learn to appreciate your new environment, your new world. Let go of the past. You can still reminisce about your memories, but you need to focus more on your present situation. Teach yourself to find happiness in your new life.

Life is full of uncertainties, but you need to grab new opportunities and transform your current situation to start anew. Do not be afraid of embracing change, especially if you know it will bring a positive impact on your life. Also, do not hesitate to approach people and seek help if you need it. You will need all the support that you can get to start living the new life that you have been dreaming of.

Hair transplant surgery – why Turkey?

Hair transplant clinics exist in nearly all major cities in the world. So why would a UK citizen fly all the way to sunny Turkey for a hair transplant? Is there something different or special about that particular country, when it comes to hair loss procedures?

Every year, it’s estimated that some sixty thousand medical tourists flock to Istanbul’s 300+ hair clinics for a transplant operation. But that’s not all. The head of the development council of health tourism estimates that nearly three quarters of a million surgical procedures are carried on foreign patients each year in Turkey.

The price of a procedure in Turkey tends to come in at way below the cost of treatment in the UK or USA. Along with lower priced, but still potentially high quality treatments, the cost of accommodation, travel, food and entertainment make Turkey a deeply desirable destination for seekers of surgery and sun. The market for hair transplants in Turkey is fast becoming one of the busiest in the world, meaning surgeons can offer increasingly competitive prices, while boasting major levels of experience in the latest technologies.

Careful travellers used to avoid surgery abroad in places like Turkey, but the popularity of online communities, reviews and real-time public updates on social media, have given potential medical tourists a lot more confidence in their ability to avoid the pitfalls. While the UK press reports the odd horror story, and Turkey has suffered a blow to its tourism industry because of its political climate, the medical tourism industry is a real growth area. There are other alternatives and you can also compare the costs, doctor reviews, and many other important pieces of information on the reviews of top hair transplant surgeons by Medihair.

It’s entirely possible to travel to Turkey for a hair transplant, and receive a full and expert service from a world class surgeon with bags of experience, for a bargain price. Equally, it’s possible to fall victim to a cowboy operation and be left with a sore head and an empty wallet, for a less than sterling example of bargain-basement hair surgery. Turkey is a goldmine for inexpensive procedures, making hair transplants available to many more men. But it’s also less well-regulated than UK or USA clinics, and so a lot of care must be taken in selecting the clinic and the surgeon to carry out the procedure. Using social media, review sites and the testimonials of real clients is just as important, if not more, than looking at the clinic’s before and after photos, or simply taking their word for it. Don’t be afraid to shop around and ask questions, and you too could enjoy a world class, but cut-price hair transplant in sunny Turkey.

What is your 2020 vision? Bucket List Ideas for the New Decade

It’s coming to the end of an interesting year. Whatever has happened to you personally, or to those close to you, the end of the year can bring with it a time of reflection and planning the hustle for the year ahead.

2020 is not only the start of a new year, but it’s also the start of a brand new decade. With that, it is paired all sorts of promise, and like having perfect eyesight- clarity, While laser eyes surgery may not gift you with the ability to see into the future, you’ll be able to focus enough on what’s right in front of you.

Want to get away more? Look for the best travel tips to help you take the trips of a lifetime. (How much time is left on your passport?) Want to learn a language? Download that app to offset your language learning before immersing yourself in culture. Want to give something back? Get yourself on a volunteering list to do your part in communities far and wide.

If you’re inspired to get into the next decade with a whole new mindset, it’s worth having a list of goals, dreams, and aspirations for the upcoming ten years. These usually take the form of a bucket list to tick off. A good bucket list is balanced, with some easy to accomplish goals and some that require more planning. Whatever you choose to do- make sure they bring you fulfillment and happiness, and that they are not more things that society tells you are the important things in life.

Here are some ideas to get you going when planning your bucket list.

1. Learn how to play a new competitive sport- a great way of meeting new people, getting fit and developing team-building skills.

2. Learn 3 songs on guitar or piano- music is a universally wonderful thing, so to be able to play songs of your own can only be a good thing. There are simple lessons available, even for those who don’t feel as though you’re blessed with musicality!

3. Read more books- Factual, fiction, self-help guides, books are filled with knowledge, experiences, and beauty.

4. See more of the world- Whether it’s Europe, Asia, Africa, or just the next state along- there’s so much of the world to see. Get out there and see more!

5. Try an extreme sport- ‘Extreme’ looks different for each person, but try anything that gets your heart pumping harder and leaves you exhilarated afterward.

6. Save a large amount of money- A nice car, your own house, going backpacking, whatever you want or need, it’s good to have the funds to get it done.

7. Do more for others- There are plenty of opportunities out there to muck in and help your communities. Meet new people and learn new skills.

8. Develop a new skill- It can be something useful like rewiring a plug or your next party trick, whatever it is, excel and do it well.

9. Take more photographs- Memories are a beautiful thing- having photographic memories to take with you will also help you to capture a picture of your youth to show future generations.

10. Make inter-generational friends- Because your best friends don’t all have to be your own age, there’s plenty you can learn from, and teach people of older and younger generations.

What would you do?

How To Choose The Right Holiday Home For You

Have you always thought about buying a holiday home? No matter where you’re located in the world, this dream can become a reality if you have the knowledge and motivation to follow it through.

But before you take the leap and purchase your perfect property, it’s a good idea to consider what type of property you want – factoring in your budget, how you will acquire finances and your bespoke criteria along the way.

During this process, consider what location suits your personality. Do you love the hustle and bustle of city life? Or have you always had an admiration of life in the peaceful countryside? Once you’ve answered this, you’ll be able to shape your final decision.

If you’re still unsure as to which type of property is right for your lifestyle, however, this brief guide could prove to be invaluable in the long term:

If You Love The Countryside

Have you always loved the serenity of nature? Then maybe invest in a holiday home which is in the countryside. Whether it’s a villa, a rustic property or a new build, you’ll have somewhere to escape to when city life gets too hectic.

With so many incredible locations across this country and beyond, you’re bound to find a beautiful holiday home that suits you down to a tee. An opportunity to design a home from scratch, adding personal touches that you can’t fit into your other property, the possibilities are endless with a home in the country.

Giving you the chance to go out on extraordinary hikes, enjoy long bike rides and more, a holiday home in the country is perfect – whether you have a family or are flying solo.

When looking at homes in the country, however, make sure that you have plenty of amenities nearby – such as hospitals and shops as you don’t want to be caught out when staying there.

If You Adore The Coast

Do you love to get away to the coast when you can? Then maybe it’s time to buy a beach condo, apartment or villa overlooking the sea. Brimming with personality and awe-inspiring views, you can relax whilst hearing the sounds of the waves crashing on the shore and admire picturesque sunsets.

Depending on where you’re looking, you could also get a great deal on these holiday homes for sale Bridlington, as well as other beach-side properties in your desired area. Throughout the year, due to its appeal, you might be able to rent it out to prospective tenants - giving you an extra bit of money that you can spend on maintenance costs or within your own home.

If You’re A City-Slicker

Do you live and breathe city life? Then why not invest in a holiday home in the centre or on the outskirts of a bustling city. Whether it’s an apartment or townhouse, this is the ultimate opportunity to purchase a base within a city that you love. Giving you the freedom to explore the city when and how you want, you’ll be able to visit your property and bring loved ones along with you for the adventure.

Saving you on expensive hotel bills when you visit the city, it’s a worthy investment that could be the start of a profitable real estate portfolio. It will also make a wonderful change if you live in a home in the countryside every day and are looking for something a little different.

Things to Consider

Once you’ve chosen the right property for you, it’s time to:

Get your budget in check and learn about the real estate market in your chosen area.

Compare and contrast different properties, ensuring that they align with your criteria (i.e. the number of rooms you want, the finishes, what amenities are nearby).

Figure out taxes, documents you will have to sign, where you’re getting the finances from (e.g. a mortgage or loan).

Research into home security – consider getting alarms, security cameras and more once you’ve purchased your holiday home so that it’s kept safe when you’re away.

Final Thoughts

Overall, the type of holiday home that you choose is completely up to you and what your budget allows. Your own slice of heaven, it’s a great opportunity that will result in many happy memories. It is however, something that you should not rush into – so it’s imperative that you take the time to discover what’s available in the location, seeking assistance for a realtor if needed.

The process won’t be quick or easy, but it will be well worth the effort once you get the keys. So it’s important that you don’t give up hope throughout each stage.