If you’re doing it alone or with a life partner, you might be thinking about purchasing a home. However, as this is a big decision, you don’t want to take it lightly and jump into it without any research. With that in mind, here is a simple guide that will make buying your first home a bit easier.
Know your budget
First of all, it’s vital that you know what budget you’re working with. This is crucial as you don’t want to jump into something you cannot afford and find yourself in debt. Therefore, see how much money you actually have saved, how much you could borrow from your family, and how big of a loan or mortgage you can get. Keep in mind that a down payment is necessary in most cases, with 5-25% of the total cost being paid upfront. The bigger the initial payment, the smaller the loan or mortgage you will have to pay off.
Decide on a location
The next step would be deciding where you want to live. Do you want to stay in your city or move to another country or continent? If you’re looking for colder destinations, how about Canada and Scandinavia? For warmer temperatures, Australia or Africa might be correct for you. Besides the weather conditions, other things to consider include the proximity to your work, the safety of the neighbourhood, if there are good schools nearby, how many supermarkets are there, how well-connected it is with other areas of town, and so on.
Write down a list of necessities
Something else you have to do is list all the necessities you want. Do you want it to have only one floor or several? How many bedrooms and bathrooms do you need? Do you want an open layout or separate spaces? How big of a backyard do you need? Are you looking for a completely new build or a fixer-upper? Answering all of these questions and many more is imperative if you want to find a home that meets all your needs.
Understand the market
When making a purchase, you should also learn more about the market and prices. For example, buying in a seller’s market means that you’re at a disadvantage as there are more potential buyers than available homes. On the other hand, a buyer’s market means that you have many alternatives to choose from. As you’re probably not experienced in the real estate market, it’s a good idea to consult a professional. If you’re purchasing a home in Australia, relying on a trustworthy buyers agent from Sydney means that you should be able to find a property that meets your requirements much faster than if you were to look for one on your own.
Visit a few properties
Your real estate agent will surely provide you with a few properties that you can consider. While you can disregard some based on photos and the number of rooms, you should still visit at least a few to see them in person and see how they could be modified to better fit you. Visiting a few times during different times of day and weather conditions will help you see the home in different scenarios so that you can see if the roof is leaking, the HVAC system is working, and so on.
Complete the purchase
Finally, if you find a house that suits you, you should turn to experts who will ensure the sale is handled correctly. Go over the contract with a legal professional and pay the deposit if everything is in order. Look into insurance that will keep you, your home, and your belongings safe in case of natural disaster or burglary. All that is left is to move in and decorate the home according to your taste.
Purchasing a house is no small endeavour so make sure you’re absolutely certain that it is something you can afford. Keep the other tips in mind too.