Your checklist when buying your first home
Home ownership is a huge financial step in anyone’s life, and a key part of most people’s long-term financial strategies. Home ownership provides space for growing families and helps to improve the overall health of the economy. However, there are a few things you should know when buying your first home.
Do Some homework
One of the first things you should do before you even begin looking for your new home is obtain pre-approval for financing. Once you are pre-approved, you will know exactly how much money you can spend, and you will be able to make an offer as soon as you find the perfect property. Do not forget to obtain the pre-approval in writing from your lender.
When you find the property you think is perfect for you, do a little research before making an offer. In order to determine how much you are willing to pay for the home consider the location of the property. Also, consider the property size and condition, whether you will need to do any renovations, improvements, or upgrades, and whether there is any potential for future capital growth.
When purchasing a new home, it helps to understand the property market. Before making any decisions obtain professional advice from a real estate agent. In fact, hiring a Real Estate Agent should be one of the first things you do as they can help in your search for the perfect property.
Protect yourself
Before purchasing a new home, remember to get an independent building and pest inspection done, as well as a strata report if you are purchasing an apartment. While these reports will cost a few hundred dollars, they are worth it because they highlight any issues or problems related to the property.
Do not sign anything you don’t fully understand. It is best to have a conveyancer or solicitor look over the contract before you sign anything. Check the length of settlement and the inclusions and exclusions, if you are not comfortable with any of the terms, you should be able to negotiate with the seller.
Be practical
When you are looking at a property, remember that nothing is perfect. Try to be objective, look at all aspects of the home and balance the pros and cons.
Because you will probably be living in the home for at least the next few years you should consider things like the neighbours, parking availability, and any renovations or repairs that might need doing. You should also consider the location of the property, how close it is to any amenities such as public parks, schools, shops, and public transport, and whether there will be any noise pollution from traffic or aircraft. All of these things will have an impact on the resale value of the property and therefore should be taken into consideration when you make an offer.
Once you have found the ideal property, be prepared to act quickly. While you are waiting for the building and pest inspections to be completed, make sure you regularly communicate with the agent so that they know you are interested. Once everything checks out, make an offer before someone else beats you to it.
At Tradebusters Connect we have selected a limited number of local businesses who can help you with the purchase of your new home. We hand pick three professionals from many different fields including real estate agents, conveyancers, and building and pest inspectors to be members of our directory service. We are sure that you will be able to find the help you need.
Contact details are available here on this website, and you are free to contact them directly. Don’t forget to check out any special offers they may have.
Need help in finding local businesses?
If you want to find a reliable tradies and professional services to help you when buying, selling or moving, you can also try one from our Tradebusters Connect local Free Top 3 Local Choice Trade and Business Directory. The details of recommended Top 3 Local Choice businesses can be found here and you can contact them directly.