Tips for first home buyers in Australia
One basic human need is shelter and while a lot of people have been able to rent apartments over the years, everyone aims to be a house owner. Being a house owner will save you from the stress of having to keep the rules and regulations that bind the use of the apartment as well as the stress of having to keep up with rental fees. As soon as you are ready, the best way to live life without certain fees is to buy a home. In fact, it is a quantum leap for any Australian. As delightful as it is, buying your first home can be quite difficult. So here are tips on how to go about buying your first home.
Make a decision towards a housing option: Buying a house does not mean you should be inconvenient. Hence, decide on a housing plan that suits your lifestyle and the things you love. Ensure that the house you choose to buy have the all or most of the features you plan to have in your house. Do not rush it!
Set a budget: The first step in owning a house is to have a budget that you can work with. Based on the kind of house you desire to get, let your budget flow accordingly. Your budget must include known and unknown expenses. If you plan to take a loan, work your budget towards the loan and have a way through which you will settle your mortgage. Ensure that your budget is based on a thorough analysis of the market value and on what you can afford.
Make your findings towards the area: When you get a house you wish to buy, make your findings concerning that area. Check to see the construction and the on-going project as well as how the plans would affect the future value and safety of the house.
Have a pre-ratified financial source ready: While you should have a budget to work with, ensure that you can get your money for use at any time. In fact, have about 10% deposit available so your client will know you are ready for the transaction.
Get a trustworthy bidder: Ensure that you do not bid or make deals by yourself. Whether you agree or not, buying your first home can be an emotional experience and if you allow your emotions to set in, you may end up bidding or signing a deal that is above your budget. Hence, get an experienced person to stand in place for you. While the cost of a real estate agent maybe high, but they’ll be your best advocate to stand in place and sign your deals.
Give room for alternatives: The real estate industry is not fixed. Sellers will surely want to go for the highest bidder. So, do not feel you should just go with the first seller you see. While it might be stressful to get in contact with different sellers, keep an open mind and have options to pick from. In a case where a seller gets a higher bidder, you won’t feel as much disappointed as when you have to start from the scratch in search of a new seller.
Look out for government grants: Though it is usually not frequent government sometimes provide grants for first-time owners. So, look out for the grant available for your state and check if you are eligible to apply for one. Getting a grant will surely reduce the amount you will have to pay for a purchase
Choose the sales process that will work for you: According to Neville Sanders, Real Estate Institute of Australia, first time home buyers will have to pick between private sale or auction when planning to buy a house. Basically, you do not have to go for a plan because it is peculiar to so many people but look through and study each model to know how you can go about the processes as well as know which model will work best with your budget.
Seek legal advice: Not considering the cost, ensure you seek a legal advisor before signing any deal. Ensure the legal advisor goes through all the document for validation. Your legal advisor should not come into the picture after you sign the deal but before.