Tips For First Home Buyers
When you buy your first home, you are on a steep learning curve. It is a life-changing decision, but you need to rely on experts to help guide you through. Unfortunately, not everyone has your best interests in mind.
Use our quick guide to help get you started on your home buying journey, then do further research on your own. The more you know, the better prepared you’ll be.
Research The Property Market.
Follow sales prices, list prices, time on the market. It is vital to spot the trends so you know what you should offer on a home. When viewing homes always remain objective and try to see past furniture and decor. If you have an eye for redecorating you could pick up a bargain.
Get Your Paperwork in order
Talk to your bank before you start house hunting. You need to know how much you can comfortably borrow and how much the bank is willing to approve. You can also get your mortgage pre-approved so you can make an offer as soon as you find the right home.
Familiarise yourself with all the incentives on offer for first home buyers. You may be eligible for several schemes that could save you thousands.
If you are familiar with the market, you should have a good feel for what is a fair price. If you don’t believe a house is worth the asking price, don’t offer it. Everything in life is negotiable. Be objective, and don’t become emotionally attached. There will be other homes, so always be prepared to walk away if negotiations are too tricky.
Your purchase should always be subject to a Property inspection. Even the newest homes can have structural faults that can cost thousands to repair.
You are entitled to a final inspection before you exchange contracts. Try to inspect once the current owner has moved out of the property. You want to see the condition of the house without furniture. A removalist may have caused damage or furniture might have been hiding a hole in the wall!
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