Buying your first home is undoubtedly one of the most exciting moments in your life. Sadly, it can be one of the most stressful too.
As a first home buyer, many of the obstacles faced throughout the process will feel brand new. With the right planning, however, you can prevent any threat of your dreams turning into a nightmare. Use the following checklist for guidance and you won’t go far wrong.
#1. Know your budget
Buying a home is the biggest financial purchase you’ll ever make while it will also have a huge influence on your quality of life. Several issues must be considered when looking at prospective properties – above all else, though, the finances have to add up.
As a first home buyer, you could fall into the trap of assuming that the property price is the only major expense. But there will be loan application fees, stamp duty, registration fees, and more. Experts suggest that a $500,000 property could cost $16,807 extra. You must take this into account when making your down payment.
Overlooking the costs could put you in financial hardship before you’ve even moved in.
#2. Know the property
Once you’ve established your budget, the next step is to find a property that you can afford. Perhaps the most important ingredient in the recipe for success is to take your time. While it’s one thing to fall in love with a property at the viewing, you need to know the full details of the property.
Professional conveyancing for first home services will check for any restrictions or issues with the property before you sign anything. It is particularly important if you may have plans for home improvements. In turn, you will be able to purchase the home with full confidence.
A property survey can identify leaks and potential problems. It’s better to be safe than sorry.
#3. Understand the process
Buying your first home isn’t only the largest purchase you’ve probably ever made. It’s also a lengthy legal process that must be completed in the correct manner. Otherwise, you could be left with a lot of headaches before and after moving into the property.
While it may be tempting to complete the paperwork through DIY methods, this will usually cause delays and may put you in a legally vulnerable position. Once again, professional conveyancers are an essential source of support who can ensure everything is completed above board.
They can complete the process in just 4-6 weeks. So, you can enter the home far sooner.
#4. Seek the best deals
When discovering your budget, you probably used an online calculator to estimate how much you can borrow. Once the formal and official processes start, though, it’s vital that you seek the biggest bang for your buck. For starters, auctions are very common in many parts of Australia – attending at least one is advised.
Whichever route you take for buying a property, it is one of the few purchases in life where a significant discount can still be haggled. Negotiating $5k, for example, can help cover your legal fees and hidden costs. Crucially, you must be sure to get the best mortgage terms.
A lower interest rate could save you thousands over a 25-year term.
#5. Get help with moving day
After the lengthy process of saving your deposit, finding the perfect property, and completing the legal processes, you’d be forgiven for assuming that the hard work is over. However, there’s still one last challenge to consider: actually getting your family and possessions into the property.
The reality of the situation is that your friends don’t really want to spend a day lifting heavy furniture in return for a pizza and beer. Calling a professional moving company is highly advised. They will ensure that your possessions reach the new home in perfect condition.
Better still, it leaves you free to focus on picking up the keys to your new home!
Do you need a professional conveyancing lawyer to help you get into your first home? Feel free to contact Victor Legal today for a no obligation consultation.