There are many things to consider and even more decisions to make when it comes to buying your first home. As the process of buying a house is a new experience it can be extremely easy to overlook some of the most important parts of the process.
Here are some helpful tips to keep in mind.
Without a doubt getting together the deposit for your first home is still one of the biggest hurdles to overcome. Therefore, it’s not surprising to know that more than 50% of all first-time home buyers receive financial help from their parents, typically in the form of a gifted deposit or by becoming a guarantor. Some other options include low-deposit loans and the first home loan deposit government scheme. These options have all helped individuals become proud homeowners.
Being unsure where to begin is another challenge facing many first-time home buyers. By going out and inspecting all types of properties, it can help you to decide what type of home you really want as well as give you more of an understanding of the general value of a property.
Most people usually don’t buy in the suburb they initially planned to. Instead, many end up purchasing further away from the city due to properties being more affordable as well as providing more bang for your buck.
Understanding the market and comparing the house you’re interested in with recent sales in the same area is extremely important. This information is readily available for free by going to popular property listing websites such as Domain and realestate.com.au. If you are looking for more detailed information, there are also various paid services available out there. This kind of research is essential for any home seeker as it provides invaluable insights into the property market you would simply not know otherwise.
There is a great deal of information available if you just ask the real estate agent some important questions. A few examples are: “Why is the owner selling?”, “Are there any properties that you think I should see?”, “What homes will you be listing soon?” etc.
Furthermore, taking some time to speak to the neighbours will yield priceless information about the property for sale as well as the local area.
Whether you’re considering buying in Thornlie, Piara Waters or one of the outer suburbs in Perth, it’s always best to do your research for any upcoming areas. For example, there may be infrastructure projects planned in the future, which would indicate increased government spending in the area as well as making more jobs available. Alternatively, a demographic shift could entice young professionals with good jobs into the area. Either way, house prices will increase if the suburb improves, therefore, it’s paramount to find out as much information as possible about various areas in and around Perth.
While going straight to your local bank is probably your first thought, you’re unlikely to get the best deal for your first home loan from them. This is precisely where an expert mortgage broker will help you determine your needs and assist throughout the home loan process.
As buying a home is the largest purchase you will likely ever make in your life, it’s best to get it right. Contact Opal Finance today so we can help you on your way to buying your first home in Perth.