Keys to Buying your First Home
Buying your first home can be daunting, but it doesn't have to be!
We are here to help at any stage, and here, we're gonna give you some of the key tips and tricks when it comes to landing your first property.
Initially, it's essential to understand your budget before diving into the real estate market. Use a good broker to do this! Together you and the broker will have a close look at your financial situation, including your income, savings, and expenses. Once you have a clear understanding of your financial capabilities, it's key to get pre-approved for a mortgage (jargon for a home loan). This not only helps you set a realistic shopping budget but also makes your offer more appealing to sellers, compared to an offer that doesn't have pre-approval.
Whilst getting pre-approved, thoroughly research the areas you're interested in. Use realestate.com.au's sold tab to see what properties have sold for in your price range. Regional Australia's real estate market can vary greatly by location, so understanding property values, trends, and amenities in specific neighbourhoods is vital. Additionally, check if you qualify for any government grants or incentives for first-time homebuyers in Victoria. These programs can significantly ease the financial burden of purchasing your first home. Your broker or agent will be able to help with this.
Trying to buy a home in this current market can be stressful even for experienced buyers and investors, let alone for the first time. It doesn't have to be! With years of experience, our expertise is invaluable in finding suitable properties, navigating negotiations, and guiding you through the intricate process of buying a home. Here at ProjectDelivery.Co we can help you make informed decisions based on market knowledge and experience.
When you find a property that piques your interest, don't rush into a decision. Conduct a thorough inspection at an open home or private inspection to get a good sense of the property, and don't hesitate to ask for a second inspection. Don't stress though, a Pest and Building Inspection by a registered professional like Building and Pest Inspection Albury Wodonga will uncover any hidden issues that may become costly down the line. You can ask that your purchase is subject to an inspection and satisfactory report.
In a competitive market, patience is key. The right property may take time to find, but it's worth the wait. Balance your patience with decisiveness, so that when the right property comes up, you act with confidence and move quickly to maximise your chances of securing the home.
Effective negotiation is crucial in the real estate process. Be prepared to make offers and consider conditions that can work to your advantage. Seeking legal advice when finalizing the sale is also wise. A solicitor or conveyancer can ensure the contract is sound, low risk and oversee a smooth settlement process.
Lastly, remember that your first home doesn't need to be your forever home. Time in the market is better than timing the market. Buying your home is a vital step in building equity and establishing financial stability. As you progress in your real estate journey, keep an eye on the long-term perspective and your goals for the future. With these considerations in mind, you can navigate the real estate market more confidently and make informed decisions on your first home purchase. Consider buying property that have the best chance of growing in value, which means good locations, high block size and a good layout. A parent's advice is often "Buy the worst house on the best street."
Give us a ring or a message if there are any questions or anything we can do for you!
We are passionate about clients (yes, that means you!) securing and maximising assets that contribute to a quality lifestyle of freedom and financial security.