Purchasing your first home is a big deal so it’s okay to feel a bit scared about the whole process! It’s a big financial and emotional investment and one you need to get right the first time. To help the process seem a little less stressful and daunting, here are some of our top tips for first home buyers from iThink Sales Agent, Matt Hawkins.
DO YOUR RESEARCH
When preparing to buy your first home, it’s essential you understand the process and what’s ahead of you. Be prepared and do some research, so you are confident and realistic about your opportunities. Having a clear idea of what you can afford will be the key. There’s nothing worse than falling in love with a place, then finding out you can’t afford it. It is also crucial to understand the financial strains and additional costs owning a property includes. While in the short-term you may have to make small sacrifices, they will pay off in the long run. Things like stamp duty tax, lenders mortgage insurance, conveyancing, building and pest inspections and insurances do not come cheap, so make sure you are factoring all these variables into your budget.
Assess the current market. Attend various open homes. Liaise with professionals and consult with your family and friends. Gaining as much information as you can will help you formulate an idea of what you are really looking for and a rough guide of how much you should be saving. One vital step you can take before diving straight into open home inspections is gaining loan pre-approval, not only does it give you a rough idea of the properties you should be looking at, it lets the real estate agent know you are serious. Knowing what you want and showing a positive and confident attitude can really help you secure your perfect property.
SPEAK TO THE PROFESSIONALS
There’s no doubt the process of purchasing your first home can be quite daunting and confusing at times, so it’s best to speak to the professionals! Before you start looking at property, it’s a good idea to chat with a mortgage broker. They can help you understand all the financial sides of the process, so how much you can borrow, how much deposit you’ll need, how much you can afford etc. Another professional you’ll need is a qualified conveyancer or solicitor. They will help with the legal side of things like reviewing your contract, organising council and government searches, calculating settlement payments, arranging name change of land etc. If you’re purchasing an established house, it’s also a good idea to organise a building and pest inspection. The house may seem fine on the outside, but you never know what underlying problems the property could contain. By paying for the inspection now, this could save you lots in the long term!
Just because you have decided to buy, doesn’t mean you need to rush and purchase a home right now. The housing market is ever-changing and things don’t just happen overnight. You want to make sure that you are buying the right property for you and that you aren’t settling for something due to your excitement to start a new chapter in your life. The right property could be just around the corner, you might just have to wait a little longer!
MATT HAWKINS – SALES AND MARKETING CONSULTANT
0423 120 232
Destined for a career in Real Estate, Matt is the consummate salesman. Polished and professional, with a down to earth, no-nonsense attitude Matt is the boy next door on steroids when it comes to selling property. A creative marketer and diligent researcher with vast local knowledge, he is across latest market trends and able to provide honest and accurate analysis of property values.