Eight things a first home buyer needs to know

Buying a house can be a daunting prospect especially for a first-time buyer. It’s a big decision that is best not taken lightly or without professional advice. There are many things to factor in about your current circumstances and financial situation. You’ll also need to figure your plan for the future to help you decide. Here are eight important things for first home buyers. 

Think about your goals

If you’re buying a property for the first time, you need to carefully think about your goals and plan for the future. Consider whether you’re buying the property primarily as a long-term place to live or an investment. Making this decision might also affect your financing and taxes, so it’s important for first home buyers.

Do your research

There are several important things for first home buyers to research. This includes the property itself, the area, and financing options. Look at average prices in your chosen area. When you are more informed, you can make a more realistic budget. 

Factor in additional costs

These can include any financial or real estate services, for example. Your mortgage broker will be able to advise you on what else you need to budget for. Consider maintenance costs of your new property, such as utilities, insurance, and general upkeep.

Your credit rating

Once you’ve found a property within your budget you’ll be going through a lot of background checks before you can set up your financing, therefore, it’s vital to check that all your affairs are in order before this. Make sure you have forgotten even the tiniest bills or taxes that haven’t been paid. If you have any other loans it’s a good idea to get these out of the way first. 

Checks and surveys

Have a surveyor come round to check for any faults and necessary repairs. Inspections are a standard procedure before buying a house. Surveys and repairs will cost you, but it’s essential that you make sure everything in your new property is in working order. 

Inspect the bathroom

Many potential buyers often overlook this, but the bathroom is definitely worth an inspection as well. Check the water pressure in the bathroom, no one wants a weak shower. These little details can be essential to making you comfortable in your new home. 

Find out about the neighbourhood

One of the most important things for first home buyers is the area. You need to think about your goals here as well. Perhaps you’re interested in job or education opportunities for example. Prioritise the amenities that are most important to you, and ensure the neighbourhood can provide. 

Seek professional advice

Even if you’re not a first-time buyer, the real estate market can get very complicated. A qualified mortgage broker can explain all the important things for first home buyers, and for those with more experience. Before buying a property, you need to be as informed as possible. With so many important things for first home buyers to consider, you don’t want to miss anything.

Written by AFHL