Are you looking into buying your first home? If you are, then this page has some great information for you. Buying your first property can be quite a daunting prospect, but if you follow some of the information laid out here, I am sure that it will be far easier for you then you originally anticipated. Of course, I haven’t gone into depth on everything but you should get a rough idea on the sort of things that you will need to consider.
Firstly, and this is perhaps the most important tip, you shouldn’t start a search for a property without first being approved for a home loan. Many people seem to forget this. There are two problems with going down this route. Firstly, very few people are actually going to be willing to deal with you seriously. Most real estate agents don’t want to waste their time showing properties to people who are never going to purchase or don’t have the capacity to purchase. Secondly, it means that you will know the right sorts of properties to look for. There is nothing worse than finding that perfect property and finding out it is outside of your budget! 🙁
Staying on the idea of money for a second, one thing that many people looking into buying their first home forget is the fact that there are MANY associated costs when it comes to buying a property. At the very minimum you will need to pay rates on the property, but there is a good chance that you will need to pay other charges too. Carry out some research into this before you commit yourself to a purchase.
When buying your first home, you should know the type of property that you are searching for. This will save you a LOT of time. For example, if you have a family then you will want to have a property that can home them comfortably. If you are looking to expand your family then you will need to plan for that. You will want to consider the sort of location that you are in and anything else that is important to you. Do not settle for a property that you don’t want.
Work with a real estate agent when buying your first home. Sure, many of them get a bad rap as pushy sellers, but the benefits of working with one are numerous. Perhaps the major benefit here is the fact that they know the housing market (assuming you are working with a well experienced agent). They know how everything works which is VERY ideal for a first time buyer. However, remember they are salesmen. You want to make sure that they don’t push you into choosing a property that you will end up regretting the purchase of. Make sure you have a clear idea of what type of property you require and remain firm. But in the interests of fairness, if you are working with a good agent, the chances of being pushed into something you don’t really want are quite low. They actually care enough to take the time to get you into a home that suits you best.
As you can see, there are numerous things to consider if you are looking into buying your first home and we really haven’t even scratched the surface! Have no fear though, the internet is an absolutely wonderful place and as long as you carry out the proper research and get a good real estate agent to help you, I am sure that you won’t go too far wrong. Also, download the Real Estate HQ guide (on the right) if you haven’t already. There’s a lot more information in there and we go into some detail about the buying process. And no, it WON’T cost you anything! 🙂
