With property prices falling or staying quite stagnant in many areas, first home buyers may be wondering if this is the time to enter the market. Even if now isn’t the time, it is best to be prepared with some of these tips.
6 Essential Tips for First Home Buyer
1 – Have a chat to a bank or broker to find out what you need.
Before rushing off to look at properties, you need to be aware of how much you can afford to borrow, and whether you can even get a loan. Rulings around deposit amounts will change from bank to bank, and then there is all the paperwork you need to supply. It’s best to have everything together before you start applying for pre-approval. Keep in mind as well that pre-approval is not guaranteed. It will give you an idea of what you have available, but until the loan is approved, pre-approval is just a guide.
2 – Calculate your costs
When buying a home, there are of course other costs involved above the purchase price. Generally you will need to set aside some extra funds for stamp duty, conveyancing, building and pest inspections, strata reports (if buying in strata), costs to move and more.
3 – Work out what you want
Before you even start doing research into what is for sale in your desired location, take some time to sit down and decide what you want in a home. You may like to split this into negotiable and non-negotiable options. This process will help cut down on time spent looking at properties that really don’t match your ideal home. But remember – as a first home buyer this is unlikely to be your last home. Be flexible – what you may have written on your non-negotiable list, may be forgotten when you walk into the right property.
4 – Do your research
Once you have your list as above, it’s time to do your research into properties in your desired location. Be willing to look outside that location though – the perfect home could literally be five minutes away in a different suburb. Make a shortlist of properties to inspect and start making some calls.
5 – Inspect, inspect, inspect
Once all the steps above are done, it is time to start inspecting properties on your shortlist. Don’t be afraid to inspect the same property more than once, especially if you like it. A second inspection should confirm your feelings for the home, and if you organise a private inspection, it should give you more time to have a better look around.
6 – Get the right help
When looking to purchase a home, you need to ensure you have the right professional help. At Conveyancing Solicitors we help home buyers every day, helping to ensure they have everything they need covered before settlement day. If you’re thinking of buying a new home this year, contact the team at Conveyancing Solicitors for a free quote on managing your property sale.