There is little more exciting than the feeling you get when you know you can purchase your own home. Of course, it may not be your dream home but, it will be yours!
However, it is easy to get swept up in the excitement of it all and overlook some important rules and facts along the way.
No matter how exciting the prospect of your own home is, you need to make sure you know everything about the process first.
The first step is actually taking a look at yourself and what it is you think you want. Consider simple facts like how many bedrooms you need, whether you want a garden, or if that second bathroom is really a necessity.
It’s important to be brutally honest at this stage, you want a home that will give you all the space you need for the next few years, even if it’s not a home for life.
Having established what you would like you need to establish your budget. The best way to do this is to speak to several financial planners and get them to help you assess your income, outgoings, and what potential lenders might lend.
With this figure in mind, you’ll be able to start searching the local estate agents to find a property in your price range.
It’s a good idea to check out auctioneer in Sydney as well, you may find the same homes are going for less money simply because the current owner needs to sell.
When establishing your deposit and the amount you can borrow, take your time to get a pre-approval. This will virtually guarantee what you can borrow and will make the process simpler when you find a place.
Check The Area
There is little point in purchasing a home in an area just because of its price. You need to have good access to your work and you may need to consider the local schools.
Even if you don’t have children schools may be an issue, if you think it’s likely you’ll have some in the future. They’ll need to be easily accessible and have a good reputation.
While you’re looking at the area you should ensure it has the facilities you need and has a good reputation.
Once you’ve found a home don’t be afraid to make an offer lower than the asking price. The seller may say no and you’ll have to revise the offer, but there is no harm in trying.
As soon as you’ve located your ideal first home and your offer has been accepted you’ll need to instruct some building reports. Knowing the structural integrity and the state of the electrics and plumbing will help to prevent you from getting an unexpected shock, or a large bill.
You’ll need a conveyancing specialist to wrap up all the paperwork on your new home before you can sign on the dotted line. It’s a good idea to have a local one as they’ll be able to help you in person. They will also reduce the risk by being liable for some issues if it all goes wrong.