Buying a new home is a big step, and for first home buyers, it represents a transition in life. For those looking to buy their first home, the process is overwhelming, and a lot of us go into the process very naive and unaware of the full extent of the purchase. It’s not like buying a car or renting a house. There are a lot of steps and a lot of different items to consider.
Let go through a few of the things you should be looking for when purchasing your first home.
1. Your Budget
An obvious step and probably the first you’re going to take when seriously looking into a purchase. However, you really need to look into your budget and break it down into sperate costs. You can’t just have one stand-alone figure of $800,000 and say you’re budget is done. Have you added tax or stamp duty into your budget? What about conveyancing? Building inspections? Transfer fees? Or even transitional costs? If you’re renting while looking, while you need to double up on rent and the mortgage for a month when you’ve made a purchase.
2. Get Properties Properly Inspected
Every home is going to have its problems. Even brand new homes will likely have a mistake or two during the build. It’s important to get every aspect of the property inspected; otherwise, you could be adding thousands onto the price in repairs bills. Vertec Roofing in Sydney states that people who buy old properties and don’t get the house properly evaluated are often left shocked when the roof leaks or is dilapidated from age and needs repair or even replacing some instances.
3. Look for the Best Mortgage
Different lenders will all give you a different rate on your mortgage. Shop around and find the best one. This means you might need to allow for some extra time to do so. One of the biggest mistakes we see is when people rush into a purchase and get stuck with a terrible mortgage because they had to get one fast. When you are shopping around, go through the offers very carefully and negotiate where possible. This is very similar to a house purchase itself. You’re not going to take the first house you find; you’re going to shop around and negotiate to get the right property for the right price. The same goes for the mortgage.
Now you know a few of the most important things to look for when purchasing a home, the process should become more familiar and a little less stressful. Always remember that if you are ever unsure about any of the process, ask questions. It’s not the time to be worried about “looking dumb”, ask any question you might have. It’s only going to make you more informed on the purchase.