Top ten on your checklist for First Home Buyers
1) Check your max borrowing capacity with your finance broker
2) Make sure your contributions are ready. Have you saved enough deposit or are we using Family Guarantee, Gift funds or credit cards.
3) Find out all fees of bank, solicitor, mortgage insurance, stamp duty and other expenses
4) Make sure you have researched the suburb before moving in it. Check things like school, amenities, future growth, area reputation, transportation options and so forth.
5) Use your head, not your heart when finalizing your house as there is always another option. If a house is more than five years old, then you could consider pesticides and building inspection also.
6) Have you negotiated? In today’s market, this is very important and when you a first home buyer sometimes you end up paying more as you do not negotiate. Ask your broker to assist in property reports which normally they can give to you for free
7) Buy a house you can afford not only today but tomorrow also – consider things like change in jobs, maternity leaves, or any other future changes that can affect your repayments
8) Finalize a solicitor/conveyancer – It is always good to use one that comes from a good referrer or broker as this person has to be someone who works in your best interest.
9) Make sure you select the correct settlement date which gives you enough time to be ready for the settlement. Normally you get options between 30-180 days for settlement, and it’s important you do not select something that is too early.
10) Moving in preparation are exciting but also can be hectic so be prepared. Think of things like what if the settlement is delayed, have you prepared movers, cost involved once you moving and so forth.