Buying your own home ought to be one of the most exciting times of your life but it can also be stressful – attending many opens and inspections, bidding at auction or negotiating the price, liaising with financial institutions and legal representatives, signing endless amounts of paperwork and finally taking possession and undertaking the mammoth task of moving.
The process requires patience and here are a few key tips to prepare you for a successful outcome.
1. Set your budget and stick to it. Look at your actual income and expenses and factor in contingencies such as interest rate rises to work out a repayment level that is comfortable. If bidding at an auction, it is advisable to get loan pre-approval beforehand.
1. Set your budget and stick to it. Look at your actual income and expenses and factor in contingencies such as interest rate rises to work out a repayment level that is comfortable. If bidding at an auction, it is advisable to get loan pre-approval beforehand.
2. Attend open houses and auctions and talk to real estate agents to get a feel for what your budget will allow you to buy. Research prices and suburb data on realestate.com.au to understand pricing in your chosen area.
3. Negotiate the right price. Don’t be afraid to make an offer prior to an auction. Even if the answer is no, offers prior often assist the vendor to fix a reserve price reflective of market value.
4. Once you have purchased your home, ensure that you inspect it with the real estate agent in the week prior to settlement to ensure it is as you last saw it.
Our aim is to make the buying process as seamless as possible so you can simply move in and enjoy your new home.
Until next week,
Nick
Nick