The challenge of buying a home for the first time can be a little daunting. It’s very tempting to just go for the first house viewed or a property within a certain price range. This can sometimes be a costly mistake especially when it comes to reselling a property in the future.
One of first things to consider before buying a first home is to determine long-term goals and how property ownership fits in with personal plans. Many people see home ownership as a sign of independence and quite enjoy the idea of being their own landlord, especially after renting for so long.
Narrowing Down the Bigger Picture
Before deciding to enter the buyer’s market, it’s important to narrow down the bigger picture regarding home ownership. In terms of finance, check out home buyers WA to find out more about:-
- Getting started
- First home mortgages
- Loan programmes
- Mortgage information and financial analysis
Of course, finance isn’t the only factor to consider before buying a first home. Here are a number of other things to mull over:-
- What type of home is suitable? There are numerous options available for first time home buyers. How about traditional single-family homes, a townhouse, a condo, detached or terraced property? Naturally each option has its pros and cons so have a think about the type of property to buy before signing on the dotted line.
- Specific features. While it’s good to retain some flexibility, specific features are important for this kind of investment. The list should include basics like the size of the property, room layouts, new build or re-sale home, trustworthy appliances, garage and garden.
- The buying process. Try to use the services of recommended real estate agents for the buying process. They will be able to help locate homes to suit specific needs in a certain price range. Reliable real estate agents can arrange viewings and once a property has been chosen, professionals will assist in negotiating the purchase process. This includes making an offer, getting a loan and completing the relevant paperwork.
- Be realistic with the price. It’s essential to be realistic with the price. OK a broker or a bank may offer a mortgage or loan, but are the repayments really affordable? Look at the total cost of the house and not just the monthly payment. Don’t forget the down payment, property taxes, home insurance and anticipated spending when buying a re-sale home. It’s advisable to look at the bigger picture before buying a home for the first time.
If you’re a little unsure, there are plenty of handy hints, tips and advice via http://www.firsthomeownerscentre.com.au/
First Home Mortgage
Find out how much mortgage a lender is willing to lend based on current income and monthly outgoings. Once a mortgage has been approved it’s time to negotiate a price and complete the property purchase contract. Then it’s all systems go, pick up the keys and move in.