Are you ready to purchase your first home? Have you started shortlisting your must-have features and secretly wishing for your would-be-nice-to-haves? Buying a home is an enormous investment. For some people, it’s the biggest purchase they’ll ever make. Others have said that it’s also the most complex and stressful.
The first thing most potential first-time buyers do is to consult with the real estate agents Langwarrin locals rely on to get property bought and sold. If you’re ready to start looking for your dream home? Then this post is for you. Keep reading as we share a few practical tips that will help you ease into the buying process.
Preparation is Key
The key to a successful home purchase is to be as prepared as possible. That means, having an idea of how the process works, what type of home you really want, and also how much you can afford. Let’s dive into the tips that will help you get started.
1. Consider Your Affordability
The first step, before you start looking at houses, is to know exactly what you can afford. This doesn’t mean how much you can borrow, but rather what you can pay back each month.
It’s crucial to point out that home loan repayments and the associated costs of home ownership can significantly impact your monthly budget. You will need to sit down and take a hard look at your finances to get an accurate estimate of what you can afford. You may also need to start a maintenance fund for ongoing repairs.
Once you have an accurate estimate, apply for pre-approval. This will give you a more concise estimate of what you qualify for. Doing this will save you the disappointment of finding your dream home only to be told later that you don’t qualify for it.
2. Start Researching
When you know how much you can successfully borrow and you’re comfortable with the estimated monthly premium, it’s time to start researching. Here you want to research properties that fall into your price range and also tick the boxes of what you’re looking for.
Criteria to look for can include the size of the house, availability of schools in the area, and access to public transport. Never get your hopes up on just one property. Finding the right home can often be a long process.
Liase with your real estate agent about the criteria you’re looking for, as well as what you’re prepared to compromise on and what not. Keep researching local listings on various websites to get a broader scope of what’s in your preferred area.
3. Review Every Aspect of the Property
Once you have shortlisted a few properties to start looking at, keep an open mind about what you’re looking for versus what you’re going to get. Be as thorough as possible in your review of the home.
This means not only focusing on what you can see but also what’s not being highlighted. A musty smell may indicate the presence of mould or there may be an issue with the water pressure. Ask the real estate agent for a list of the things you’re allowed to do and then do them!
Doing this will give you a more honest view of what the house is really like and whether or not there will be any additional costs to repair or upgrade certain aspects. Ask as many questions as you need to.
4. Use Professionals
Wherever possible, use professionals to assist you with the review process. For instance, a licensed home inspector can help you identify any issues that are just costly repairs waiting to happen. Invest in a recommended attorney but double-check that they are not also working for the seller.
5. Buy With Your Head, Not Your Heart
While it’s amazing to be the kind of person who follows their heart to make life decisions, it’s essential to reconsider that approach when you’re potentially buying a new home. Think things through and ensure that all your terms and conditions are met before you sign on the dotted line.
Remember that if you buy a house that you don’t like once the excitement has settled, it’s going to cost you money to resell it. Don’t let anyone pressure you into buying a home you are having doubts about. If you’re not sure, take a few days to think things through and reassess the pros and cons of the house.
You can also keep looking and then compare other homes to the ones that you’re having doubts about. Many homes stay on the market for months, giving some time to review several different options. It’s also crucial to negotiate for reduced pricing in instances where things are not entirely up to standard.
Final Thoughts
House hunting for your first home can be a lot of fun. Especially if you’re looking at homes that are bigger and nicer than the small one-bedroom apartment you may have been hiring for months.
However, be sure to do enough research and review all your options before making the final decision. Trust your gut. If something doesn’t feel right about a particular home or process, move on to the next one. Search for your new home with intent rather than hope!
