If you are looking to buy a house for the first time, then congratulations are in order. Buying a home is a major move. As exciting as it is, it can be a tedious process for someone new to it. In addition to the daunting challenges first-time entrants into the property market face, many first time buyers often report avoidable mistakes. Information is everything which is why we have gathered the best tips available for first time home buyers in Australia. This will make the process easier, more fulfilling and reduce the chances of future regret.
Tips for First Time Home Buyers
Everyone loves a helpful tip. As a first-time buyer, the following tips will make your buyer’s journey easy, save you some money and help you make the right decision for your future.
1. Understand your pocket
Buying a home is a major life decision. It is not enough to feel like you are ready to move into your own home. Rather, you should make that decision because you can afford to take this step. Sometimes, rentvesting may be a wiser choice than owning a house directly. At other times, the cost of an apartment in the suburb of your choice may drain you financially, and leave you struggling to meet up with your mortgage payments as compared to that same apartment in another location.
2. Get informed
Nothing arms you with the ability to make quality decisions than the information you have. When you’ve decided you want to get a house, begin to devote time to information gathering. Read about the property market. Get information about mortgages and loan facilities. Find out about available government waivers.Find out about down-payments and mortgage repayments. Arm yourself to make a quality decision. Sometimes it is also helpful to know the process of selling house to understand the seller’s mind.
3. Stay within your budget
No matter what you meet on the field, stay within your budget. Real estate sweet talk can make first time buyers make decisions without deep reflection yet, the property market is not where you buy things on impulse. A hasty decision can lead to years of regret. Once you understand your financial situation, map out a budget for making your home purchase and stick to it.
4. Get yourself an expert
Even after gathering all the information available, nothing beats working with an expert. Get yourself a local real estate agent to help you with the buying process. He will tell you about hidden costs like conveyancing, mortgage down-payments that you may not understand. A good agent will also be able to help you with the negotiation process. Of course, the agent takes a commission. Oftentimes, this is already factored into the seller’s cost so you do not even have to pay from out of your pocket.
5. Pay attention during Inspection
Home staging can make a house look faultless during inspection. Ensure you pay attention to anything you may not be convenient with when you move into the house. It is helpful to hold a list of things you care about when going for the inspection so you don’t get carried away by the splendour and miss out on the details. If you are not particularly good with details when you like something, get a professional inspector to help you out with the process and report back to you.
When all has been said and done, then all is set and ready for you to make your first home purchase in grand style. Overall, there are many factors to consider when purchasing a home. Walk through them gradually. Arm yourself with adequate understanding and get expert help wherever you need it so you can be proud of your decision for years to come.