10 Tips For First Home Buyers
10 Tips For First Home Buyers
10 Tips For First Home Buyers
1. Research. Don't jump into the deep end when it comes to property. Get a feel for value in the area you'd like to move in to. Sales values over a period are good indicators of real market prices.
2. Location, Location, Location. When it comes to the value of a house, location is the number one driver of value. Stay focused on dollar values, and pin down any costs living in the area may impose.
3. Talk to the lenders. Finding out roughly how much you can borrow will narrow down your options, hopefully not too drastically! This is an invaluable aid to your home hunting, and gives you realistic figures to work with when budgeting.
4. Take care with contracts. If you're not sure about something, have solicitor to check it out first. If someone takes offense at this, they're probably dodgy. Do not sign anything without professional legal advice.
5. Look past the facade. Often a home will be shabbily done up before reselling, leaving the new owners with multiple problems. Take a closer look at the home you're buying, or get a professional in to look at it. A building inspection is the best way to be sure.
6. Affording your home. Even if you can borrow enough to buy the house, can you afford to maintain it? It's great news if you can afford better than you end up buying. This is another advantage of a full building inspection. Any maintenance problems, from the foundations to the roof, will be checked.
7. Is it really what you want? Make a list of what you need and, to a lesser extent, what you want out of your house. Does it match up with any you've seen? This helps in targeting your dream home, and reduces the time consuming work of searching web sites and auctions.
8. What type of loan works for you? There are multiple options out there when it comes to borrowing money. Talking to a professional about your needs will help you out. Fixed loans work for some people, but not others. Variable loans can be good for those who want to take advantage of a lower rate, and can pay off the loan quickly.
9. Insurance. Sorting out insurance on your new home is an absolute must. Not only home and contents insurance, but also insurance covering income loss and mortgage repayments. A good, comprehensive all-round home and contents insurance policy will provide some peace of mind.
10. Practicality. Even if you've found the prettiest little house, will it really suit your needs now, or even five or ten years down the track? Space considerations, kids areas, renovation possibilities, and other factors need to be considered.
You can find your dream home, and avoid the money worries. Be patient, and you'll get exactly what you want.
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