Five things a first home buyer needs to know
Before you decide to purchase your first property there are a few things to consider, including your current personal circumstances and financial status.
- Think about why you want to buy a home
Do you want to live in it or will it be an investment property? This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.
- Research potential properties and loans
Knowing the market is crucial, make sure to do some research on the areas you are targeting by checking out auction clearance rates and recent sales, as well as price trends in the area. Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit.
- Factor in other costs involved
Depending on the property, there can be a few additional costs, as a mortgage broker I can advise you on what other payments you will face. This can include, but isn’t limited to, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance and lenders mortgage insurance.
- Think about your future
This may help determine what home you buy and where. You may have to think about what the neighbourhood is like, the school catchment areas and if you’ll need more space than you currently have.
- Get professional help
With so many things to consider, getting professional help is highly recommended. Avoid any nasty surprises down the track.
Contact a Resolve Finance broker to learn more about how they can help tailor the right loan for you.