So you want to buy your first home? Congratulations!!! This will be one of the biggest AND most expensive decisions of your Life…. Next to marriage. Like anything new, it’s important to get some good advice, hopefully you can learn from other peoples experience and mistakes. Here are our Top 5 Tips to help make this process easier for you.
1. Make a list …. Needs vs wants
Making a list of what you want and need before stepping foot into your first open home is ESSNETIAL! You don’t want to waste precious time looking at 50 houses when you could have narrowed it down to 5 by first making your list. The list will help keep you focused on what you really want, and avoid being “sold” into a property that isn’t actually suitable.
If there is just one person involved in making the decisions, hopefully making the list will be easy. If there are two or more parties involved, the list is doubly important and could help prevent embarrassing “discussions” in front of real-estate agents and the like because you can’t agree on the size of the garage.
2. Find a Mortgage Broker
Not all banks are the same, and with ever changing lending criteria, you could be getting a better deal down the road… But who has time to shop around? This is why you should find a good Mortgage Broker to get you Pre Approved. Not only will they find you the best home loan deal, they will be able to guide you through this process. Your Mortgage Broker will be able to present you application in the best way possible to different lenders and negotiate the best terms and rates for you, this could save you THOUSANDS in the long run! Don’t know where to find one? Ask your friends, if they have used a Broker previously and had a good experience, they will have no hesitation passing on their details to you… or you can just use google.
3. Know how much you can spend!!!
Get your Pre Approval done ASAP. This will save you a lot of heart ache and prevent you from looking at and falling in love with a home that you may not be able to afford right now. Your Pre Approval will make sure you are not financially over committing and save you time in the long run. The Pre Approval will also help you refine your list, you may need to shift the swimming pool from the needs category to the wants category 😉
With your Pre Approval in hand you can work with your Brokers and Agents to ensure you are getting bang for your buck! REMEMBER, this is your first home, a stepping stone on to the property ladder, and with careful planning and goal setting it will not be your last!
4. Make that agent EARN their commission!
Enlist a real-estate agent in the search for your Home. This can help massively as they will be able to show you homes BEFORE they come to market. This gives you a first in first serve opportunity and could help avoid a multi offer situation. Selling a home is just as stressful as buying one, if the seller can avoid weeks of open homes then they will happily look at offers before going to market. Share your list and budget with your agent as well, this way they will present you with options to suit YOU. This is a FREE service agents provide to home purchasers and is a great way to find golden opportunities. Many hands make light work.
5. Have fun and enjoy the Ride
Now that you are equipped with your Pre Approval and List, and with the help of some good professionals, you can start your Home Ownership journey. Buying your first home won’t always be smooth sailing, just remember to have fun and relax. You will only be a first home buyer ONCE and you will gain a lot of knowledge along the way. Congratulations! This is going to be great!
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