6 Important Tips for First Home Buyers
If you’re thinking about buying your first home in Wilton, then congratulations are in order. You’re about to take one of the biggest steps in your life. The home you buy will be your single most important asset. However, the purchase process can be difficult to navigate, particularly for first home buyers. Below, we’ll discuss some of the most important tips you need to know in order to streamline the buying process.
Know Your Financial Capabilities
Taking on a home loan payment means that you’ll need to make your monthly payment on time, every time. In order to do that, you need a stable financial situation. Before you start shopping around for homes or home loans, first home buyers should carefully consider their financial situation both now and what they project it to be down the road.
Know the Additional Factors That Increase Your Costs
Too many first home buyers go into the home buying process assuming that they really only need to worry about the cost of the home, the interest on the loan, and the amount of the deposit they can afford to put down. While those are three of the most important considerations, there are quite a few others. For instance, you’ll have additional costs for conveyancing, as well as the costs of mortgage insurance. You will also incur bank fees. All of these will increase the costs of your home loan.
Know Whether You Qualify for Assistance
While buying a home is always an expensive process, there is help available for some first home buyers. For instance, you’ll find stamp duty concessions for first home buyers, as well as government grants. One of the first to check is the First Home Owner Grant. However, note that eligibility requirements for these programs can be quite strict. Working with an expert broker can help you determine quickly whether or not there are programs that can help cut your costs.
Get Preapproved
One of the worst situations in which to find yourself is to fall in love with a home, only to find out that you don’t qualify for a mortgage of that amount (or a mortgage at all). The best option to avoid this scenario is to get preapproved by lenders before even starting the process.
Shop Around
Never fall in love with the first home you look at. Shop around. Look at homes in Wilton, but also consider other suburbs, like Oran Park, Harrington Park and more. Shopping around ensures that you have the best idea of what’s available in your budget range.
Get the Property Inspected
Finally, make sure that you get the property inspected before you decide to buy. You may find that there are major repairs needed to the roof, the foundation, or the HVAC system that will seriously affect your costs as an owner.
With these six tips, you should find the process of buying your first home simpler and easier. As a note, working with an expert broker can make a great deal of difference, as well.
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