Buying your first home can be an exciting time, but it can also be stressful and overwhelming when you are unfamiliar with the process and technical know-how. So we have complied five tips that will help you feel confident – putting you in the best position to make a profitable home-buying decision.
1. Get your foundations right
Before you even start looking at houses, it is important to understand your foundations. For example:
- Take a good look at your finances, and establish what you can afford. This involves finding out and estimate of how much you will be allowed to borrow and also setting a budget to determine what you can easily afford without overwhelming yourself.
- Do research on government grants and incentives that can help you in your first home purchase.
- Get pre-approved for a home loan.
Doing this first means you’ll be a head of the game and finding the right property will be easier when you have an idea of what you can afford.
2. Develop a routine
Buying a property takes a lot of hard work and time, and if you don’t take it seriously, you may find you’re left with poor results. Therefore, it’s important to get into the routine of searching for homes. For example, you may want to spend your evenings looking for property and doing research on developments in ideal locations, and you may choose to look at houses on the weekends.
3. Get savvy
There are a lot of resources out there that can help you make the best decision when purchasing a home, so take advantage of them! Learn as much as you can about the process, and school yourself on the terms frequently used in these dealings. This will make sure that you are prepared for all circumstances.
4. Hire an inspector
When you find a home that you like, don’t let your emotions make you jump the gun. Hire a qualified inspector, and have the home carefully inspected – inside and out. This will allow you to be aware of any potential issues such as pest infestations and structural problems. Although it may cost a little extra for the service, imagine how much you’ll save if it turns out the property has a ton of problems.
5. Work with a mortgage broker
When it comes to buying your first home, there are a lot of steps to consider and paperwork to be completed. It can be easy to make a mistake if you haven’t any experience in securing a loan and purchasing a property. If you’re a first home buyer, consider working with a qualified mortgage broker. A good broker will be able to walk you through the entire process, helping you every step of the way.