16 Steps To Buying Your First Home
16 STEPS TO BUYING YOUR FIRST HOME
If you or one of your family or friends are thinking of buying your first or subsequent home here is a list of steps that may help you put things in order or priority
16 steps to follow when buying your first home or subsequent property to live in
- Decide what type of home you want e.g. unit, town house, traditional house or apartment. Some people look to big to soon and a little tip here , you will never be happy with your first home and on average most people will upgrade within 5-6 years. So buy something a property with that in mind as really you should be looking to get into the market for future capital growth that you can put towards your next home.
- Decide how much you can borrow by talking to a consultant and have your loan pre-approved from a possible range of options from our panel of 30 + lenders and let you chose which one you prefer and most importantly our service to you is absolutely free
- Determine the areas you would like to live in. This is a biggy and must suit your needs which may include a good school nearby for the kids or a crèche for the little ones or could even be near your favourite shopping centre.
- Research possible properties using the internet to see if what you are after is in your price range. The world of the internet is a huge time saver as you will be able to go into the home and have a look around before wasting time waiting for open inspections and being rushed out the door after 30 minutes due to the agent needing to go to his next open. Take note of the dimensions of each room and compare them to the home you currently live in
- Visit the area and drive around ensuring it has the facilities you use on a regular basis which could include doctors, dentists, gyms, shopping centres, hairdressers, libraries etc
- Make a short list of properties to visit
- Always inspect your top properties more than once. It’s easy to fall in love at first sight and miss major problems with a home through your excitement so make sure you visit the property 2-3 times before committing.
- Get a building inspection done or if you have someone you know in the industry ask them to come along to the third inspection with you. sometimes its what you cant see that will be the most costly to repair or upgrade so if your looking at a home that is not new then it is always advisable to get a professional inspector to look over the home and you can make this part of the conditions of the contract.
- If you are happy with a property make an offer subject to finance
- Once your offer is accepted send a copy of the purchase contract to the finance consultant that had your home loan pre-approved and ask them to take it to formal or unconditional approval
- If you are a First Home Buyer make sure your application for the grant is submitted to the appropriate lender with your application
- Find a Conveyancer or solicitor to organise settlement ( we can refer you to someone if required) in some cases the agent selling you the home may suggest that you use the same broker as the vendor however i prefer to use my own knowing that they only have my interest in mind
- Start packing once formal approval has been given
- Contact anyone that requires your new postal address. You will be very surprised how many people or institutions will need to know that you have moved so make a list of them well before you move and notify them in advance.
- Sit back and enjoy your new home
- Happy house hunting
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