As a first time home buyer, you want to be smart when it comes to buying. That means taking your time and getting expert advice.
It’s a good time to start thinking about your purchase and finding Perth’s best mortgage broker. There are a few other things that are equally important for you to consider. That’s why you need to keep the following four tips in mind, if you are a first time homebuyer.
Be Realistic and Know What You Can Afford
Everyone wants to live in the million-dollar mansion on the hill. The truth is that most of us will never be able to afford it. Instead, you need to sit down and look over your finances.
What can you comfortably afford each month for a house payment? This information is important because it will determine the size of the loan you can afford. That way when you sit down with a mortgage broker, you and your broker can work through the options. If for example you can only afford $1,500 each month for a house payment, you’ll want to ensure that your broker helps to connect you with a loan that is better suited to your needs.
Double Check Neighbourhoods and Statistics
We all want to trust the realtor we are working with. Unfortunately, many of them are interested in simply selling a house and moving on to the next client. Before you sit down to make an offer, look into the neighbourhood and gain a better understanding of everything. Look at Google maps to get a feel for the street and proximity to main roads, and Google the address for any news or sale information. You’ll also want to take the time to determine if house prices are on the rise in the neighbourhood or if you are buying the property at peak pricing.
Remember, this is the biggest investment of your life, you can afford to spend some time playing investigator.
Avoid Settling on Your Needs
Before you even hit the real estate websites know what you want in a house. A need is something you simply won’t budge on. Keep in mind that as you view more properties and your eyes widen to feasibilities, as these may change slightly. That’s okay, but keep focused on what truly matters.
Write a list of deal breakers, the most obvious is likely the number of bedrooms. Other may be having an open kitchen, big bedrooms, en-suite, alfresco or having a garden. Some things are easy changes, like adding grass to an empty backyard space, while others, like adding in another bathroom, aren’t.
Keep Open and Honest Communication with Your Spouse
The first time home buying process is complicated and stressful. It is critical you use your spouse as part of your support system. It can help to calm your fears by logically talking things through. That way, you have some peace of mind and you are able to avoid surprises along the way.
Remember, buying your first home should be a fun and exciting time, but it is fraught with challenges. Make sure you surround yourself with support and don’t be afraid of opinions, but know that if it’s not your cup of tea don’t let others change that. If you’re not buying a property with a spouse then use a parent or close friend. They will keep you grounded and stop you making an emotional decision.
We work with first home owners everyday and have become very familiar with the anxieties, triumphs, challenges and excitements of first home ownership.
If you have any questions or are looking for free and independent advice contact us today.