Buying your first house is a huge achievement and for many people a milestone moment. While taking this next step toward your future is exciting, it can also be an overwhelming process. We have put together our top tips for first home buyers. We want to take the stress out of buying so you can enjoy the exciting adventure ahead!
1. Work out your budget: Working out your budget is an essential part of the house-hunting process. Whether you’re buying alone or with someone else, make sure you have a firm overview of your current incomings and outgoings. When the time comes to make an offer, stick to your budget and avoid over-extending yourself.
2. Sort out your debt: It’s important to pay off as much of your existing debt as possible prior to applying for a loan while also making sure you’re aware of any black marks that exist in your credit history.
3. Research all home loan options: The home loan market is complex and expansive as there are many different types of mortgages. Finding the type of loan that matches your needs is crucial.
4. Find out if you are eligible for any government grant or concessions: Make sure you do your research and get in contact with your local state member to find out what type of incentives are available to you.
5. Get pre-approval: While the process of buying your first home can feel like a long one, you want to be ready to move quickly when you find your dream home. Get in touch with a lender and get pre-approval on your loan. Most pre-approvals only last for 90 days, so make sure you stay in touch with your lender to ensure you have a current approval.
6. Set a limit for upfront and ongoing costs: Make sure you’re across all of the additional costs that come with buying your home and factor them in.
7. Figure out your house hunting strategy: Spend some time thinking about your bottom line and the things you will not compromise on to get a better idea of the type of property you are looking for. You must consider factors such as location or whether you want to renovate and use these to determine what you are looking for.
8. Consider local amenities: Consider external factors like proximity to supermarkets, schools and public transport when looking for your new home.
9. Test appliances: Before making an offer, make sure any existing appliances are in working order such as hot water tanks, dishwashers and wiring.
10. Get expert help: Buyers agents can help you with the whole buying process, while a mortgage broker can navigate the loan market if you can’t. Make sure you have a licensed conveyancer look over your contract thoroughly.