Secrets Every Home Buyer Should Know
In the market for a new home? Let's take a look at some industry secrets that will make it easier for you to choose a property that's right for you and your bottom line.
1. Be clear on your budget
Know how much you can afford to spend before you begin your search. It's not just the up-front costs of buying the property but also knowing how to manage the mortgage repayments and plan for any unforeseeable changes to lifestyle or income.
Make an appointment with us to talk through these issues and have your finance pre-approved. Pre-approval is recommended because it gives you a realistic budget to go house hunting with and it ensures you are treated as a serious buyer by agents.
2. Save a good deposit
The bigger the better when it comes to the deposit. A decent deposit will give you more loans to choose from and even the offer of a lower interest rate because there is less risk for the lender.
The greater the deposit, the less you'll have to borrow, which means less in interest over the lifetime of the loan and the lower your repayments will be over a set term.
3. Know the hidden costs
When planning your budget you need to factor in all the expenses included in purchasing a property. As well as the deposit, you may need stamp duty, inspections, insurance, legal expenses, valuations and title search fees.
4. Put away your emotions
It's easy to be led by emotion when buying property, but do your best to make sure your decision is made by your head not your heart. It helps to conduct plenty of research and ask lots of hard questions.
5. Engage professionals
Buying a property can be a complex experience and good advice can help ensure you don't make any costly mistakes. As your mortgage broker we can start the ball rolling in applying for a home loan and advise you of the steps involved in closing the deal.
6. Arrange inspections
If you're serious about a property, it's wise to conduct a building and pest inspection. Make sure the person inspecting the home is qualified to do so, such as a licensed builder, architect or surveyor.
7. Seek government assistance
There are various forms of government assistance for first home buyers, such as the First Home Owner Grant. Depending on the state you're in, there may be other forms of assistance like tax and stamp duty concessions. For more information, please contact us.