Buying your first home is an exciting but daunting experience. There are so many things to think about when buying your home it can become a little overwhelming. We have gathered some tips below on what to look out for when buying your first home.
Figure Out What You Can Afford
First step you should take is to find out how much you can afford. There are many affordability calculators online that you can do to give you a rough guide. For a more accurate figure talk to a broker, they can help you check your affordability and Find Your Trusted Insurance Professionals and mortgage lenders. Getting a mortgage requires a good credit rating, your broker should be able to check for any discrepancies or abnormalities. If you have a low score your chances of getting a mortgage can be slim, but don’t fret there are ways you can get your score back to being good. Try and clear any existing debts, loans or finance payments and also challenge any defaults on your credit rating that you think should not be there.
Be Sure To Do Surveys Before Committing
When buying your first home you might want to go full steam ahead with the first property you fall in love with. Although you obviously want to love the home you buy you should always make sure it is safe structurally first, you don’t want to be stuck with a property that requires a lot of renovation (unless that’s your aim). Consider having a structural surveyor as well as a termite inspector visit the property and determine if there is any damage. If there is, you can then use this as a bargaining tool to get the vendors to lower the purchase price during negotiations.
Find The Perfect Location
Location is key when buying your home, find out if it is close to local amenities like supermarkets, and Hospitals. If you have children check if it is in a good school district and are there any parks or centers to keep them entertained. Is it close to public transports or highways that can get you to work on time. There are many things you should factor in when buying a house and location is definitely a must. Sometimes though our ideal location can be out of our price range, don’t be discouraged to explore neighbouring towns and hopefully one day you will be able to move to your ideal location.
Enjoy The Experience
Sometimes buying a home can be long winded and full of paperwork, but try and remind yourself throughout the process of how exciting it is to be buying your first home. Enjoy looking at different houses and locations, it can be an exciting process finding out what you really want in a home.
We hope these suggestions have helped you become a bit more at ease when buying your first home. If you are looking to buy a property to rent check out our tips on Rental Upgrades