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Buying a home for the first time is exciting but it’s also daunting. You’re not aware of the process involved with buying a home and so everything can be new and often difficult to understand.
With that being said, it’s good to know how to navigate this new chapter in your life so that you can have a home to call your own. Here are some helpful tips to navigate buying a home for the first time.
Get your finances in order
Firstly, you want to get your finances in order. When you’re moving forward with buying a home for the first time, you want to make sure that you have enough money to take you from start to finish. That means, having the money to put down a deposit, hire a mortgage broker, to pay stamp duty and legal fees. Not to mention furnishing the home too!
A house buy can be expensive but it’s definitely something that’s worth exploring financially first before committing to the process of buying a property.
Use a mortgage broker to assess the market entirely
Using a mortgage broker is a great way to get access to the entirety of the market. This is important because the better scope you have of the lenders available to lend you money, the more money you’re going to save.
There will always be a lender out there that will lend money, regardless of your situation. However, depending on your situation financially, that might lead to high interest rates that make the prospect of buying a house, less appealing.
Hiring the services of a mortgage broker is a great way to get a clear view of what’s available for you.
Get a mortgage in principle from a lender
Getting a mortgage in principle is definitely something you should look at getting before you go searching for property. A lot of estate agents and sellers will be required to see this document before you move forward with a new mortgage.
A mortgage in principle is easy enough to get and if you have a mortgage broker, they can apply for you on your behalf as part of the services offered.
Speak to a number of local agents
When it comes to finding your new home, you want to speak to a number of local agents. It’s a good way of getting a good idea of what’s available on the market currently and making sure you work with the right agent to buy a property you’ll love.
Make sure you approach a number of local agents and figure out which one is the best option for you.
Understand the process that comes after the offer
There are a lot of things that aren’t really known by a new buyer until they go through the process. After accepting an offer, there will be various steps that need to be taken like residential property conveyancing and discussing any potential problems with the property that you might want fixing before moving in.
These tips are just a dip in the ocean when it comes to buying a home, so make sure to do your research when buying a property for the first time.