Buying your first home is an exciting time in anyone’s life. After all, it will give you both freedom and a sense of security.
However, as a first-time buyer, you may be tempted to take the first property that appears in your price range and that loosely fits your criteria.
In fact, you don’t need to, you can get the perfect first home, all you need to do is follow these 5 tips:
1. Get Ready
Before you can purchase a home you’ll need a deposit and you’ll need a mortgage. The best approach is to pay down all your loans first, this will increase the number of funds you can borrow and reduce the pressure when you buy your own home.
At the same time as reducing debt, you’ll need to put enough funds aside to cover a deposit.
In addition, if you can, a small emergency pot is a good idea. It’s worth aiming for 2-3 months of earnings.
2. Shop Around
As a first-time buyer, you may not realize there is a huge amount of choice in the housing market, especially as it is currently slowing. Shopping around doesn’t just mean checking all the different estate agents. You should also take a look at an auctioneer in Sydney, or wherever you’d like to purchase.
They can have a lot of attractive properties and you may get them for a better price than through the standard estate agency route.
In short, keep all your options open, you never know when or where you’ll find the perfect house.
3. Consider the Neighborhood
Before you place an offer consider the neighborhood that the house is in. There is no point in purchasing a beautiful home if it’s in a bad neighborhood or one that doesn’t have the facilities you need.
Common facilities are shops, bars, restaurants, and schools, for when you decide children are a good idea.
Check out the neighborhood at various times of the day and night to see what it’s really like.
When offering on a property don’t be afraid to go below the asking price with your offer. The worst that can happen is that the seller says no!
It’s normal to negotiate, you should decide the maximum you’re prepared to offer and start your bidding lower than this.
But, you must be prepared to give up and walk away if the seller won’t accept your maximum price, some things are just not meant to be.
5. Get Reports Done
It is essential that you can report completed on the property you intend to purchase.
These will tell you about the structural integrity, the actual value of the house, any electrical issues, termite problems, and a host of other useful information.
Read these reports carefully, there may be things that need to be resolved after you’ve purchased and you’ll have to budget for these. You may even want to use these reports to reduce the price of the property.