First Home Buyers: Set Up for Success

Advice For First Home Buyers

First Home BuyersEntering the property market for the first time is an exciting and daunting time. The following tips smooth the path to get into your own home sooner, whilst reducing stress during the process: 

Consistent employment: one of the first things a bank or financial look into is your employment. The longer you’ve been at your job, the more secure you appear when applying for a loan

Pre-approval: obtaining a pre-approval not only gives you a good understanding of your borrowing capacity, but it also means you’re in a better position to make an offer when the right property comes on the market. Organising pre-approval is also helpful when bidding at auction to ensure you only spend what you will be able to afford

Don’t overcapitalise: it is incredibly easy to look at the maximum amount a lender is prepared to offer and base a purchase off that price. Remember to look at your entire budget and make an informed decision at to what you will reasonably be able to afford

Keep your emotions in check: when it comes to property it is vital that you bid with your head, not with your heart. Emotions run high during a property search, private sale negotiation or auction bidding war, but it is important that you know that the house is actually worth and don’t get caught up in the moment and offer to pay extra. Buyers advocates offer a great service that help reduce the chance of overpaying for a property

Improvement funds: with so many reality shows airing on television at the moment it is easy to think that every dilapidated home is only a few weeks away from being a masterpiece. It is important to remember that any improvements cost money and to ensure that you have the right amount of funds available to make your ideas a reality. Depending on whether the renovations are cosmetic or structural, receiving quotes from qualified builders and tradesman will give you a good idea of how much you will need after settlement

Preparation: once you’ve signed on the dotted line it’s time to start organising all the little particulars of property ownership before settlement. Most home loan institutions will require that the property have valid home insurance for the duration of the loan, and this should be set up before the property is transferred into your name. While you’re at it, take this opportunity to call your bank, motor vehicle authority and current utility companies to inform them of your new address

6th of July, 2016. By Mark Ribarsky

Property Buyers Guide

 

FREE Home Buyers Guide – Buying your dream home is a process that’s bound to stir up strong emotions. Down load a FREE Home Buyers Guide, an easy to understand booklet designed to help you through the process of buying. Your copy of the buyer’s guide can be downloaded here

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