One of my favourite tasks as a mortgage broker in the Baldivis area is helping people obtain a loan for their first home. We have helped a lot of first home buyers over the years. Buying one’s first home can be a stressful experience.
While we are great at ensuring that you get all of your paperwork in and done correctly, we have a checklist of seven things you must remember when buying your first home. Failure to do any of these will make your process slower and more painful.
Keep Your Emotions in Check
It is natural to be a simmering cauldron of emotions when buying your first home. You may be excited, apprehensive, afraid, ecstatic or any combination of those emotions. However, buying and selling homes is a business. You must make all home buying decisions as business decisions. That includes having an attorney go over your contract.
Don’t Pay More than You Can Afford
This happens a lot on auctions. In the excitement and competition of it all, it’s easy to overbid for a property and promise money you don’t have. Don’t do it.
Watch for Hidden Costs
There are a lot of hidden costs when buying a home. Make sure you know all of the costs associated with buying any home.
Get Pre-Approved Financing
It is essential to talk to a mortgage broker and get pre-approved financing. That way, you know how much you can spend. This helps you set limits at auctions, too.
Some people are in a hurry and overbid on properties just to get the process over with. Some just get tired of the grind, give up and overpay. You can’t afford to buy the wrong house. Be patient.
Get a Building Inspection
Failure to do this can cost thousands.
Make sure that you have a team of professionals helping you every step of the way. Call us to learn more: (08) 9527 1800.