Buying
Investor
Tips for First Home Buyers
11-Nov-2019
Buying a property for the first time can be overwhelming as there are many factors to consider. Continue to read from some tips.
1. Make sure you are eligible for a home loan
Before you fall in love with a property, make sure you are eligible for a home loan. You also need to get an idea of how much you can actually borrow. This will help give you a realistic understanding of what price range you have for your first home.
Once you know you are eligible for a home loan, you will want to compare as many options as possible. This way you can ensure you are getting the right rate and features suitable to you. There are also many different types of loans available. Put some research in and find out what loan suits you.
2. Get a good sized deposit together
The bigger the deposit you have, the more you will be able to borrow. With a larger deposit you will also be able to apply for loans with lower interest rates.
3. Calculate the costs
Other than the purchase of the actual home, there are lots of other expenses you need to keep in consideration.You will need to make sure you have a budget for removalists, stamp duty, application and registration fees, as well as pest inspection reports.
4. Get organised
To put yourself in a better position for purchasing a property, be prepared. Have all the necessary paperwork filled out and the deposit ready to go. There will be competition from buyers so being prepared puts you ahead of the game and makes it easier to snap up the perfect home.
5. Inspect before you buy
You don't buy a car without checking the mileage or the brakes, and then having it break down as soon as you buy it. The same goes for buying a house. Get building and pest inspections so you don't get stuck with termites or similar. Buying a property is probably one of the biggest purchases you will make, so make sure you put the effort in to check these sort of things before you buy a property.
6. Get professional help
The are called experts for a reason, because they exactly what they are doing. Hire professionals such as a mortgage broker to navigate the loan market if you can't. You may also want to hire a conveyancer to help look over your contract carefully.
1. Make sure you are eligible for a home loan
Before you fall in love with a property, make sure you are eligible for a home loan. You also need to get an idea of how much you can actually borrow. This will help give you a realistic understanding of what price range you have for your first home.
Once you know you are eligible for a home loan, you will want to compare as many options as possible. This way you can ensure you are getting the right rate and features suitable to you. There are also many different types of loans available. Put some research in and find out what loan suits you.
2. Get a good sized deposit together
The bigger the deposit you have, the more you will be able to borrow. With a larger deposit you will also be able to apply for loans with lower interest rates.
3. Calculate the costs
Other than the purchase of the actual home, there are lots of other expenses you need to keep in consideration.You will need to make sure you have a budget for removalists, stamp duty, application and registration fees, as well as pest inspection reports.
4. Get organised
To put yourself in a better position for purchasing a property, be prepared. Have all the necessary paperwork filled out and the deposit ready to go. There will be competition from buyers so being prepared puts you ahead of the game and makes it easier to snap up the perfect home.
5. Inspect before you buy
You don't buy a car without checking the mileage or the brakes, and then having it break down as soon as you buy it. The same goes for buying a house. Get building and pest inspections so you don't get stuck with termites or similar. Buying a property is probably one of the biggest purchases you will make, so make sure you put the effort in to check these sort of things before you buy a property.
6. Get professional help
The are called experts for a reason, because they exactly what they are doing. Hire professionals such as a mortgage broker to navigate the loan market if you can't. You may also want to hire a conveyancer to help look over your contract carefully.