Buying your first home is an exciting but big step, and there is quite a lot to consider. To make things easier, we’ve put together a list of things to go through when purchasing a property for the first time.
A good place to start is drawing up a budget of what you can realistically afford, factoring any additional expenses to home ownership (see below under Additional Expenses). Once you’ve drafted a personal budget, the next step is to talk to a mortgage broker about the best home loan on the market for you and the possibility of home loan pre-approval. Pre-approval makes the lending process a lot easier when it does come time to formally apply for a home loan.
It’s vital to do your due diligence before buying a home. This means inspecting the property in person if practical, and ensuring the proper building and pest inspections are carried out. Building and pest inspections do incur a cost however, they ensure there is no structural damage or serious damage from pests, such as termites. Both scenarios can cost you thousands more if left undiscovered until after you purchase your new home.
Buying at Auction
Doing your due diligence is essential no matter the method of sale, however, if the home you are interested in is being sold via auction, you will need to carry out all building and pest inspections before the auction, even in the event you are not the successful bidder. This is because sales by auction are not subject to the usual conditions of sale.
Apart from a home deposit and the ongoing cost of mortgage repayments, there are other fees and charges you should be aware of before buying your first home.
There is a lot to consider when buying your first home, but it’s also an incredibly exciting time! Remember to enjoy your new place once you’re settled in, and congratulations on reaching this milestone.
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