Purchasing your first piece of real estate; your first home, can be both exciting and stressful at the same time. As with any big event in our lives, it pays to be prepared so your first home buying experience remains more on the exciting side than the anxiety ridden one.
Any Homes Realty, a boutique real estate agency based at Oxenford on the Gold Coast, have been helping homeowners buy, sell and invest real estate property for many years.
With over 30 years experience in sales and marketing, Any Homes Realty founder Margret Hallmann, has seen it all. Here, Any Homes Realty offer some tips for prospective purchasers to consider when looking at homes for sale, so everything goes according to plan for their first purchase.
Save a deposit
Most lenders today will expect a deposit of a given percentage of the purchase price for the home. For example, if the home you wish to purchase is $400,000 and your lender requires a minimum deposit of 5%, you will need to have saved $20,000.
Saving as much deposit as you can is ideal so you have some initial equity in the home and a buffer should unforeseen financial circumstances arise.
Being prepared and pre-approved for a home loan saves you a lot of time and stress at the time of purchase. Ensuring you have approached your lender to have your home loan pre-approved before you sign a contract will ensure the transaction runs smoothly with no delays or disappointments.
Know what’s your comfortable price range and stick to it
Once you have applied to your lender for a home loan, the lender will determine the maximum amount you can borrow to buy a property with based on your income, liabilities and expenses.
Although your first reaction may be to borrow the maximum amount you can, factor in that your mortgage repayments will be at their maximum level as well.
Finding an affordable home where you can still enjoy life is much more important than buying a more expensive home where you maximise your loan amount and mortgage repayment and have no lifestyle as a result.
Choose your location well
Once you have a pre-approval from your lender, you will know what your purchasing budget is. Now, you will need to decide where you want to live. Location is always important for resale value but yu need to it be affordable as well.
Do your research to determine whether the area you plan to live in has all the amenities you want and consider other factors like commuting to work each day.
Plan for the future
Consider your future plans when looking to purchase your first property. Will this property just be a foot in the door to the property market? Will you plan to raise a family in this home and need schools and hospitals in the future?
Any Homes Realty can assist first home buyers with purchasing their first home. We have a number of homes for sale in the Gold Coast area which may be suitable for your first principal place of residence or even if your first home is to be an investment property.
Call Any Homes Realty today. Our boutique real estate agency is about people and the service and commitment our client’s deserve and we would love to help you find your first home!