The decision to own your first home is a big one, and undoubtedly one that therefore needs a lot of thought and preparation. Needless to say, it can be daunting and unnerving to say the least, but the key is to keep your head straight and not let it affect your dealings like when scouting out costs and bargaining. At the same time though, the process can be a whole lot of fun; after all, you are looking for your first abode, and imagining which of them you will fit into is a great journey. In the meanwhile, it always helps to educate yourself and familiarize yourself with some main tips that are very useful when it comes to purchasing your first home.
Keep a Tight Grip on Your Money
Now is not the time to book that family trip to the Bahamas or buy your dream car. Both very good plans no doubt, but wrong timing. And if you want our opinion, we strongly advise you to buy your house and then go on holiday… maybe even in your car if that is what you want. You must keep your down payment intact, and when borrowing loans and the like, banks and other lending institutions want to know you are stable and not frivolous when it comes to expenses. So keep your money close to you.
Scout Out the Utilities
Look, we all want a beautiful big garden, a spacious backyard and a cosy interior to name a few, but what you should really be looking at are all those boring things like utilities for example. Water, electricity and gas are crucial, and you want to be sure that they are not only laid on, but also work effectively and efficiently. There should be no leaks, any issues must be fixed before sale and vetted for confirmation. Some may have specific requirements, say houses that come with hydronic heating Sydney, and so if you are looking for something like that, then make a list of such potential options.
Try To Get Pre-Approved
For a home loan that is. Being pre-qualified and pre-approved are two different things. The main difference is that with the latter, you can go ahead and look for homes that are within your budget without any worries, because you know for sure that this loan will be coming through. Being pre-qualified means all your documents have been studied and assessed, but no concrete word or conclusion has been reached, save that your loan may come through. ‘May’ is not something you can bank on, so always try to get pre-approved whenever possible.
Everything, from top to bottom, you want to be sure that the deal you are getting is the best possible deal around. Maybe you want to operate independently, maybe you want a real estate agent to help you, but whatever it is you opt for, always ask lots of questions, do not feel intimated (you are after all about to drop a lot of money), and keep verifying everything you find out. If in doubt, always trust your gut.