The process of buying a house is not only limited to finding a home and negotiating to get the house at the best possible price. From financial checks to house inspections, it is important to cover all the bases. If you are well informed and know all the necessary things beforehand then the buying process of your dream home will not be turned into a nightmare. Here you will get to know about the entire list of points that you should take care of before you purchase a home in Australia especially if you are buying your dream home for the first time in your life.
What is called a good home loan?
To have healthy long-term finances, it is essential to pick the right home loan. Also, if you choose the right loan option then you will end up saving thousands of your money during your loan course of up to 25 to 30 years. You should look at the loan features. The loan features including the terms and conditions are also equally important as that of the interest rates.
Start your search by looking at the home loan options that are suitable for your lifestyle. You can also consider consulting with lending specialists to discuss your personal asset finance. If you try to do everything by yourself then you may end up dealing with a loan with unfavorable terms and conditions. Therefore it is always a great idea to have a mortgage broker Central Coast working for you so you will get to know about the right loan options and can pick up the best out of all these options. Only a professional can tell you about the best home loans for first-time home buyers.
Be realistic with what you can afford
Keep the excitement aside and start looking for the homes that you can afford. Prepare your budget first by considering home loan repayments and the cost of owning a home. You might be tempted to borrow the maximum amount of money that you can borrow to buy your dream home but make sure you purchase only the one that fits with your budget.
Estimate the maximum repayment that you can repay each month. Also, know the amount that your bank is willing to provide you so you can move into your own home.
Don’t forget to consider some silent or hidden costs
Make sure you include all these often overlooked costs and add these to your budget as well. The list of these hidden costs includes:
- Stamp duty
- Lenders mortgage insurance
- Council rates
- Loan fees
- Conveyancing
- Additional insurances
- Building and pest inspections
Search, search, and search
If you do enough legwork or research beforehand then you are less likely to settle for something that you don’t need or desire. Here is a list of handy tips for you:
- Research about the areas where you want to live in
- Know the recent sale prices
- Consult with local agents to know the real condition of the market
- Collect information about what is selling in the surroundings of the area
Things you should take into consideration when researching about the area are:
- Future building plans
- Amenities Access
- Transport options
- Neighborhood
- School zoning
Know everything regarding the property
Before you consider purchasing a home, it is best to get all the details regarding the property and the neighborhood that you are considering buying. Collect a property report to know everything about the property from its estimated value to market comparison and much more. The house hunting process is very large because it should contain all the specific details of the area where you are considering making a purchase. Buying a house is not a small deal, therefore, consider all the important things beforehand so you can end up making an informed decision. A suburb report can be a great way to gain important insights into the real estate market.
Pest inspection and other inspections
The best time to get a pest inspection is before you finalize a home. If you do a thorough building inspection then you will get to know if there are any issues with the house that the seller does not tell you about. Make sure you check everything from structural integrity to cosmetic issues of the home. Even if there is an inspection report along with the property still it is important to inspect yourself independently. One should also call different building specialists for plumbing, electricity, and other property features.
Inspection of appliances
If you are considering buying a furnished property then make sure all the built-in appliances are working properly. The names of the appliances could be air conditioning, water systems, or central heating systems. Of course, no one would like it, when buying a furnished house and discovering later that the appliances are not working properly.
Consider renovating
If buying is not the right option for you after considering all the above written steps then you can also consider renovating your old home It will not only save you money but also the hassle of house hunting and the buying process. However, if you have already made your decision to buy a new home then you can go with your decision. But make sure you know your financials well before we take this huge step.
Negotiate on your terms
Buying a home is the biggest financial decision in one’s life. This is not the time when you can make an impulse or immediate decision because this will make you feel pressured and stressed for the rest of your life.
Remember that there are multiple properties present out therefore it is perfectly okay to walk away from a property where your instinct is saying something different.
Note that even if you have signed a purchase contract still you will have three clear business days to think about it and back out of it if you want to.
Ultimately, make sure you do a lot of legwork before you proceed further and take any important decision.
