You’ve been saving for what seems like forever and finally you can buy your first home, what’s next?
There are many things to consider which can be quite daunting when making such a big financial decision. From contracts to bank loans there are so many things in between that you should know before pursuing.
Before setting out to look at potential properties it is a good idea to research the property market in the area and areas nearby. This gives you a wealth of knowledge and confidence when purchasing. It is important to understand what can be both positive and negative in respect to the potential value of the property. For example, proposed infrastructure projects, power stations, or electrical towers that could affect the value and in turn re-sell of your property.
Pre-approval of a bank loan is a great way to know your borrowing capacity. From this you can work out your budget and determine whether it is viable that you can make the weekly or monthly repayments. When budgeting, it is wise to make room for stamp duty as this can be quite a substantial additional cost. Shop around when it comes to bank loans and have a good grasp of the different interest rates they can offer including Fixed, Variable and Offset.
It’s now time to clear your calendar because your weekends are about to be filled with endless (hopefully) open inspections. This is by far the fun and exciting part!
Being a first home buyer, make sure you look past some of the cosmetic elements of a house but zero in on the structural. A lick of paint can do wonders but so can termites, rotting and un-even stumps! To scope out any underlying issues, call on a Building and pest inspector, they potentially could save you lots of $$$.
Now that you’ve found ‘the one’, before you know it your being handed pages and pages of legal jargon.. The time has come to start building the team of professions behind you that you can rely on. With the help of a Conveyancer they can guide you through the intricate legal processes to help ensure your purchase is a smooth transaction.
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