Are you in the market to buy your first home? Is it time to move out from living with your parents or renting a house and you are now looking to make somewhere your own?
Careful consideration should go into any decision to buy a property at any time in your life, but your first home needs to be a smart investment.
Here are some things to consider when taking the leap into homeownership:
Carefully consider the type of property you can afford
Often when we are purchasing something like our first home, we can sometimes go with our heart instead of our head when deciding what type of house to buy.
Before you start looking at property or even suburbs, make sure you know how much you can afford. That doesn’t mean the maximum you can borrow; it means the maximum you’re prepared to pay each month.
You need to be practical about the type of home you really can afford and what will suit your needs into the future. If you are looking to start a family, you may want to consider a home that you can grow into, near to schools that suit and other financial considerations such as the fact that you might be on a single income for an extended period of time.
Can you still service the mortgage on a limited income?
Research the local area. Then do some more research
Be well informed when buying your first property as there is no such thing as being too informed when it comes to making such an important life decision.
Do your research and keep researching as you go further through the process. Talk to a real estate agent around what the market is doing, what is selling, what is not and get their advice on up and coming suburbs.
Take the time to explore any issues with the property
If you have found a property you have your heart set on, make sure you take time to make sure there are no hidden surprises in maintenance that needs to be done on the property. Make sure the air conditioner, dishwasher, etc. works. All those little things we may not think to look at but could end up costing you a lot of money to fix.
Check the inside of cupboards and ensure there are no signs of mould, etc. Also, ensure that all your building inspections are included in your purchase of the property.
Utilise an experienced Real Estate Agent and Conveyancer
Buying your first home can be nerve-racking. Use the knowledge and expertise of experienced experts such as Real Estate Agents, Conveyancers and Mortgage Brokers.
A Mortgage broker can ensure that you get all your finances in order before settlement.
Don't be afraid to negotiate on price, especially in this market. As a buyer, you should feel in control, don't let the agent pressure you into offering more on a property if you are not ready to.
And be prepared to walk away from an offer or an auction if you find yourself in a bidding war. Be prepared with a price before going into negotiations and stick with that.
Finding the right property can take time, so know that you might not get the first house you put an offer on.
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to save time and money in securing finance for your next home or investment property.
Happy House Hunting.