Recent Buying Selling Lifestyle
Recent Buying Selling Lifestyle
Buying

Valuable lessons for first home buyers

27-Sep-2016
Written by Ashley Blake
Hindsight is a wonderful thing and so is good advice from people who have already taken the plunge and purchased a property! Trust us when we say this! Buying your first property can be very daunting, you’re stepping into unknown territory and putting your life savings on the line. Learning from others experience can give you some great tips and certainly help you on your way to signing on the dotted line.




Start saving as soon as you can




It’s a no brainer really, but the earlier you start saving the easier it will be when it comes time to put down the deposit. If you have 20% deposit then you won’t need to pay mortgage insurance which can save you thousands of dollars. Saving $20 extra a week may not sound like much, but over 5 years it can make a huge difference.




Shop around




You will be surprised at the different rates various mortgage brokers will say you are eligible for. It’s important you explore all the different loan options that are available to you and make sure you choose the right one to suit your financial needs.




Don’t rush




There are so many factors to consider when buying a home such as the neighbourhood, location, what the schools are like etc so it pays to research the area and as well as the property thoroughly before you do anything.




How does your credit rating look?




If you want to qualify for the best mortgage rates possible, it is essential that you get your credit rating in tip top shape! If your credit rating needs a little tending too start paying down your debit before you even consider getting a mortgage.




Avoid new debits




Another piece of the puzzle while you’re preparing for a mortgage is staying away from new debits like car loans, credit cards and personal loans. You’ll be in a much better place to get your ideal mortgage and ideal mortgage terms if you are debt-free.




Inspect at the inspection




When you attend open homes, make sure you thoroughly inspect the property and look past the nicely styled rooms. This is your chance to check everything out even the items that may be out of sight like a hot water tank, pipes under the sink, garage etc.




The last but not the least…know what you can afford




The bank may offer you a mortgage larger than what you expected which can come as a nice surprise, however it is so important you know your limits don’t purchase a home that will stretch you and your family financially. A good idea is to house shop within your budget and stick to it!

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