The journey of a first home buyer can sometimes be a long process, but always well worth it in the end. Here are the nine stages you might find yourself going through, which are also important to be aware of too.
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Start saving from the get go
Before you can purchase a property, you need to have money saved (at least 5-7% of the purchase price) which will go towards your deposit, stamp duty if you aren’t a first home buyer, land tax/body corporate and any other payments that may pop up.
Do your market research
Don’t go in blind! While you are saving you should begin researching different areas and types of properties you think you will want in the future. This will give you a better understanding of the market, more knowledge about property and enable you to have a savings goal.
Be aware of any first home buyer grants and incentives
Check to see if you are entitled to any Government grants – especially if you are buying a brand new home.
Obtain a pre-approval
Once you’ve reached your savings target, you can obtain a loan pre-approval. This will provide you with the confidence to be able to search for a property knowing you will have the finance backing you if you’d like to make an offer.
Get The Experts In
Before you begin with a property agreement you will need to organise a Conveyancer to assist with the contract terms and title transfer.
Negotiate & Inspect
Understand the difference between a private treaty or an auction and how to make a purchase through both methods of sale. Organise pest and building inspection to ensure there is no structural damage you are unaware of.
Get your loan approved!
You need to ensure you have this document in writing so you don’t have issues after exchanging contracts for your first home.
Don’t put all of your time, effort and money out the window, ensure you organise Home & Contents Insurance. Protect your ownership of the property through Life Insurance and Income Protection.
Now all that is left to do is to move in! Congratulations, grab the keys to your new home and enjoy your new lifestyle!