Five Things First Home Buyers Need To Know
First of all before you decide to purchase your first property there are five things first home buyers need to know. Besides your current personal circumstances and financial status.
1 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 therefore determine the kind of loan you apply for and home you buy, hence your short and long-term plans.
2 Research potential properties and loans
Knowing the market is crucial, therefore research on the areas you are targeting,
- Check out auction clearance rates.
- Check on 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.
Then, when you talk to your local MFAA Approved Finance Broker at Fight Cancer Home Loans about applying for pre-approval,they will help you choose the right type of loan, ask for their help to work out what you can afford in terms of repayments.
3. Factor in other costs involved
Depending on the property, there can be a number of additional costs, your finance broker at Fight Cancer Home Loans will discuss 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
- lenders mortgage insurance.
4. Think about your future
Just because your current situation allows you to get a home loan, that doesn’t automatically guarantee that you will still be able to service it in five years’ time. Consider any possible changes!
- Is there a possibility your role at work will change?
- Are you considering going back to study and reducing your working hours?
- Having a family
5. Get professional help
With so much to consider, getting professional is recommended.
There are experts in the industry and it is in your interest to use them for,
- property checks
- pest checks and any other legal queries.
Going it alone can prove costly. Avoid nasty surprises by getting the right people to do the appropriate checks for you from the beginning.
Published by MFAA