Buying your First Home

Buying a first home can be quite a complex process.  It isn’t as straightforward as some people think so here are a few handy hints, tips and advice.

  • Find a recommended estate agent – one of the first things to do when buying a first home is to use the services of a recommended estate agent.  Reliable estate agents save client’s time and money in terms of property availability as well as negotiating the price.  They know the market and can provide property listings while also arranging viewings.  Experienced estate agents can also generally spot overpriced listings and offer plenty of advice about buying a first home.  Click here for more information regarding the ins and outs of property purchasing.
  • Consider all aspects of the property – when buying a first home don’t let emotions cloud the overall picture.  Some people immediately start thinking about how they’re going to remodel the bathroom, the kitchen or arrange furniture.  Many people get too far ahead and caught up with the aesthetics of a property which distracts from considering other essential points.  It’s important to think beyond the home for instance, what is the local council like and do their services measure up?  How is the property positioned and what about the neighbours?  Are there many owner occupiers around and what public transport systems are available?  All of these factors should be considered before putting in an offer.
  • Failing to get a property inspection – a building inspection is definitely a worthwhile investment for a number of reasons.  Apart from spotting potential problems, building inspections can be used to negotiate on the purchase price when buying a re-sale property.  There are plenty of horror stories of buyers discovering structural faults, water or pest damage after signing on the dotted line and moving in.  Getting a third party to identify any issues before purchase will provide bargaining power with the seller, ripper!

Don’t forget to take advantage of first home owner concessions. Many governments in different countries like Australia help people to buy their first home via owner concession packages.  This can save buyers thousands in duties and fees, so check out first home owner grant initiative details online.

Never overextend

One of the biggest mistakes first time home buyers make is overextending.  Buying a first home should be a happy experience, not one that causes financial problems, debt and resentment.  Many first time home buyers find themselves in difficult financial situations because they didn’t stick to their budget.  It’s essential to be realistic with budget for the first home buy.

With this in mind have a firm grasp on incomings and outgoings, know exactly what comes in and what goes out.  Reputable first home mortgage specialists can help you plan an affordable repayment strategy so there’s no need to go above budget on the purchase price.  Use online comparison calculators to apply for a mortgage or home loan before putting in an offer for a first home.

 

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