Buying a home can be a complicated process. Following these 10 points will help you get into your home sooner, with less stress and more choices for you and your family.
1. Be Prepared
Shore up your spending, consolidate your debts and create a budget that allows you to see what you can comfortably pay off every week. This means having the deposit and preparing your financials for review by an advisor and lending institutions.
2. Do You Qualify For The First Home Owners Grant?
Putting together the deposit (usually 10% of the loan amount) can be made easier thanks to the first home owners grant. Check if you are eligible by searching Google for “YOURSTATE home owners grant.”
3. Manage Your Expectations
Work out what is must-have and where you’re prepared to compromise. It’s better to become a home owner sooner rather than later. Often this just means settling for a little less to stop renting and get into the property market.
4. Get Good Advice
Find a good broker or financial advisor that has your best interests in mind. Have them lay out a plan that you can stick to without being stretched unnecessarily. Sound financial advice will mean getting the best deal on a home loan that fits into your lifestyle.
5. Assess The Market
Now that you know what you can afford, start looking for a place that suits your lifestyle, is close enough to work and offers the security and space you need. Is the estate in a growing area? What are the projections for the value of the property over time?
6. Apply For A Loan and Get Pre-Approval
Once you have worked out your deposit and have a plan put in writing, you need to approach the right financial institution and apply for your home loan. It’s of vital importance that you get pre-approved before you go out into the market and start to hunt for a home and land package.
7. What Kind Of Package?
You can either buy a piece of land, then have a home built, buy a house and land package on an estate, or you can purchase a house from a real estate. All have pluses and minuses, and you’ll need to assess the potential costs and advantages of them all.
8. Find The Right Builder
If you decide to get a new home, you’ll need to find a builder that you can trust that fits into your budget. They should be reputable and have designs that suit your needs. Ideally, they should offer a fixed price build that allows you to avoid any hidden costs later on.
9. Sign The Contract
Once you have found the right package and applied all your selection criteria, you are ready to sign on the line. Having all your preparation done means you can have confidence in your decision. Your broker should have already prepared you for what to expect at the signing of the deal.
10. Manage The Transition
Make sure that you can comfortably pay for your current rent or rates while you are waiting to move into your new home. Most builders have a guaranteed build time, and this should be included in your financial calculations.
In a few months time, you should be a proud home owner. Now you just have to unpack and find that remote control!
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[INFOGRAPHIC] 10 Things You Need To Consider Before Buying Your First Home