Getting a First Time Buyer Home Grant: Facts for the Conflicted Consumers

Time Home grants FirstFirst Time Buyer’s Beware: Home Grants 101
These days many home companies are offering Government incentives for their first time buyers. This is in the form of a grant, or extra money used to purchase a house. It is used to offset some of the fees involved in purchasing a house and to help first home buyers make that leap into a house of their own.

In some instances this can be 00; however, in many cases, this home owner’s grant is over ,000. Some companies continue to add more and more free money to their first home owner enticement. If you are looking to buy a house for the first time, it seems silly not to buy now.
Or does it?

Home Grants for the First Time Buyer
The reality is this: we are in a financial crisis, and, although the free money is there, you should not necessarily take it. Every single day more and more people are losing their jobs due to the recession.

These are people who, like you, wanted to take advantage of the cheap real estate market. However, without steady work they are finding it harder and harder to make the re-payments on their house. For many, the demand is simply too high and, as a result of the financial situation; they are losing their first homes to the banks.

So why are the companies and the Government handing out money like it is free gum? This is because they are losing out as well. If they can sell their homes for cheaper and offer a home grant, then at least they are making some money. Times are tough. It’s even tougher to decide what the best route for you is.
When is Your Home Grant Time?
If you are trying to determine whether or not now is the right time to buy a house you need to consider a few important things. For one, is your job secure? In a sense, no job is secure right now. You never know who is going to be laid off. However, your employer should give you a small indication of how business is going. Furthermore, if you are on a signed employment contract, you are most likely going to be okay.

Home Grants for Improvement in Your Debt
Second, do you have a lot of debt? Have you recently bought a car? Do you owe the credit card companies a lot of money? Are you still paying off that school loan or European back-packing trip? If so, it might be a good idea to wait until these debts have disappeared.
Finally, are you in a place where you are ready to pay off a large loan? Owning a house is a big commitment. Are you ready to settle down and pay back this money? Or would you rather spend the down payment and monthly pay checks on a new motorbike, a trip to Australia or a college education.

The first home buyers grant is tempting, especially now as the prices of houses have dropped. However, you need to be ready both financially and mentally when it comes to buying a house.