5 Tips for first time home buyers
Category Advice
Purchasing a home for the first time can seem very daunting for many people, particularly those who are unaware of the procedures involved. In order to help you gain some perspective and demystify the process, we have compiled a list of handy tips and aspects to consider before making the decision about your new purchase.
1) The long term goal
Buying a property is a long term commitment and one should therefore ensure that the home matches their long term goals. Always remember to think of the future when choosing a property, for instance, a one bedroom townhouse will not be practical in the long term if you plan on expanding your family in the future. It is therefore imperative that you compile a list of requirements for your desired house, so that you have a clear set of characteristics in mind when house hunting. A property which you believe will be sufficient for your future needs is a home worth investing in.
2) Bond calculators and research
Prior to starting the house hunting process, you should start doing your own calculations using a bond calculator in order to get an idea of what bond repayment you are able to afford. This will give you a clear indication of what price range you are able to afford. In addition to this, some research on specific neighbourhoods and their house prices can be very handy as it will give you an estimate of the type of home you can expect for your budget. Area profiles are a convenient tool for providing you with information about a specific neighbourhood, such as: schools, hospitals and shopping centres in the area. Research can prevent you from being disappointed as it gives you a more realistic expectation about where you should be searching for houses, so that your personal requirements correlate with what you can afford.
3) Partner with a trustworthy estate agency
Estate agents are knowledgeable on many aspects of the housing market and their expertise can aid you in making an informed decision about the purchase. Moreover, they are well informed about the do’s and don’ts of purchasing a property and can prevent you from making a mistake that you’ll regret. With knowledge of both general house prices and geographical comparisons, buying your new home with the help of an estate agent can make the process smoother and less confusing.
4) Take photographs
Taking a camera to show days and photographing certain rooms can be a great way to document and keep track of exactly what each house has to offer. You can then refer back to the photographs and make comparisons of each house, in order to eliminate the house which you like the least. This can be very handy in helping you make a final decision.
5) Compromise
It is important that you find a home which best matches your own personal needs and requirements, this could include for example: two bedrooms or even a home office. Being lenient with your personal requirements can make the decision process much easier however, one should never adjust their financial budget for that extra accessory/nice-to-have. Stringently sticking to a set budget which correlated with the maximum amount that you are able to afford is crucial when purchasing a home.
In conclusion, it is important to begin with a clear, realistic goal which has been derived from a sufficient amount of research. This, coupled with the help of a well-known, trustworthy estate agency can make you more confident about purchasing a property for the first time, making the whole process straightforward and trouble-free.
Author: Dormehl Property Group
