Buying your own home is something many people dream about, but before you get too excited it's important to take a very serious look at your budget and see how much house you can comfortably afford after closing costs are taken into account. First-time home buyers often make the mistake of getting swept up in all thing’s real estate.
It is very important to consider all of your options before you make a purchase because the seemingly perfect house that looks good to an inexperienced eye can end up being very expensive, or even completely uninhabitable. This is why getting a pre-purchase inspection report in Sydney is so vital before you make a decision.
Here are some important tips for first-time home buyers:
Location is key - Make sure there is plenty of public transportation and access to groceries stores, shopping malls and schools nearby. If it doesn't feel like a nice place to live then it may not be the right place for you; don't forget it will take time away from your day just commuting over there every single day no matter how close it may be, so try and find something as central as possible.
Don't get too caught up in curb appeal - This means getting swept away with things such as fancy carvings on walls or furniture. These things are often added after the renovation and can be very expensive without any real value to them.
Get inspections done on every aspect of the property before making a decision, this includes all electrical appliances as well as plumbing work.
Check that there is no mould or water damage in the house; it's something most people wouldn't even notice but over time could lead to serious health issues for you and your family members.
Make sure you don't buy "too much" home - Only purchase what is necessary.
Know your budget - Knowing how much of a budget you have to spend on your new home is a very important aspect of first-time home buying. This will help you decide whether you can go for an outright purchase or need to get a loan. If you do need to get a loan, it will also help you decide about how much you can pay each month in terms of repayment. Most importantly, do not borrow more than what you can afford to pay back in future.
You should also think about your living expenses and how much of the budget will be used on that while considering home affordability. Do not try to borrow money from friends or family members because it could give rise to unnecessary complications like having to repay them with interest rates which is something you want to avoid altogether if possible. While looking for homes make sure there are no other loans attached to the property such as previous mortgages etc because this makes things even more challenging later when trying to sell off the house (if necessary).
Research neighbourhoods and schools in the area - Know about the neighbourhood you intend moving into before making any final decisions. Research on this information will help you decide if the neighbourhood is suitable for your family.
Find a real estate agent who has experience with first-time home buyers - There are thousands of real estate agents out there and it is important that you find one who has experience in selling homes to first-time home buyers. This will help you find the best offer and get your property at a good price without much hassle.
When searching for a real estate agent, also consider the pre-purchase inspection reports in Sydney you will need to get on the property before deciding, and find a good, well experienced inspector or company to do the inspections for you.
Some of the inspections you will need to get done include:
Make sure you get home inspections done by a professional inspector. This will ensure that there are no major damages to the property which you might not be able to see with your naked eye.
Get pre-approved for a mortgage before you start looking at houses - If you are thinking of getting a mortgage, you should get pre-approved for it before you start looking at houses. This way if it turns out that the house is more than what you can afford, then you will know how to proceed further and won't be disappointed when your dream home doesn't come in within budget and you have to keep looking.
Consider renting instead of buying - Sometimes renting a property may be a better option if you are not sure about making such an investment yet. It may help to know what it is like living in a property before actually going ahead and purchasing one of your own which can save money, time and potential problems for yourself down the line.
Make sure there is plenty of storage space - You should make sure that any new home has enough storage space as this will be useful no matter how big or small the house is. You never know when you might need some extra cupboard room so finding somewhere with lots available could be vital. This applies particularly to those who have families too as they may quickly fill up all spaces otherwise. You don't want children's toys filling up hallways after all do you?
Be prepared to make compromises - It is not always possible to get what you want when purchasing property, but it is important to be realistic about the homes that are available within your price range and desired location.
Home buyers should be prepared for the emotional rollercoaster that is buying a home. Many first-time homebuyers are unprepared to deal with all of their emotions during this process, but by planning ahead and understanding what they’re getting themselves into before signing on the dotted line, can make things much easier.
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