Tips and tricks you need to know when buying your first home
Making a decision as important as the purchase of your first home is an exciting, yet challenging one. There are many things to consider and it can often feel overwhelming. REALGLEN Properties understands the importance of feeling confident when entering the real estate market. We've highlighted some of the top ways to make the process simple, fun and stress-free.
Stick to your budget
This is undoubtedly one of the most long-term financial commitments of your life. Differentiating between what you get pre-approved for and what you can actually afford is separate. It is vital that you take the time to consult with an independent financial advisor or liaise with your bank on your income versus expenses ratio, the interest rate and the home loan approval process. Bond registration and transfer costs are unavoidable wallet gremlins. There are online bond calculators to help you determine the estimate of your final amount, but these often do not include additional bank, title deeds or attorney fees.
Plan ahead
You will also need to consider the added expenditure it takes to maintain a larger property or the cost of renovations on an older one. The ongoing costs can quickly add up and you may end up forking out more than expected each month. When it seems like you've arrived at a figure you can work with, you still need to factor in the cost of:
- Moving expenses
- Household maintenance/refurbishment
- Utilities
- Home insurance
- Security
- Furnishings
- Rates and levies
Once you've crossed the t's and dotted the i's on the financials, you can move on to identifying the many other aspects when it comes to moving house and picking the right place to call your very own.
Standing next to that SOLD board
The area you choose to live in affects your daily life. Things to consider when deciding on making an investment in a quiet suburb or bustling city include:
- Proximity to work or schools
- Convenient amenities nearby
- Leisure activities to enjoy in the neighbourhood
- Safety and security of the general community
- Affordability of real estate in the area
Depending on the lifestyle you enjoy and the practicality of an area, you can be spoilt for choice when choosing a home. It's necessary to weigh the pros and cons of each place until you find the right fit for you. If you're planning on starting a family in the near future it makes more sense to choose a child-friendly, secure estate with a good schooling system - whereas if you're a young, single professional you may want to live in the heart of the lively CBD with swift access to work and play.
Experience is key
While you may want to get started on finding your home sweet home right away, it's important to be patient and focus on letting the professionals guide you through this process. A skilled property practitioner makes all the difference in helping pinpoint your property needs and is well versed in the role of area advisor, interior consultant and more. They are able to listen to your dream home checklist and provide an array of options tailored to your specifications.
At REALGLEN Properties, we value your input and trust in our expertise. Our team of knowledgeable property practitioners are committed to ensuring your first property journey goes smoothly. Contact us now and begin laying the foundation for your future home.