Buying, selling, renting and relocating – I've done it all many times over. Because I had one of those careers which meant I had to move every few years, I've lived in nearly every state in Australia more than once. Now retired and settled down, I blog about real estate and the real issues that anyone who is moving comes up against. Full of advice, my blog takes a look at relocating from the point of view of the mover and tries to offer as many insights from my past experiences dealing with lawyers, estate agents, removals firms and other house buyers as possible! Read on if you're moving or thinking about doing so.
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Relocating – The Real Issues That Movers Face
Buying Your First House? The Ultimate Guide to Owning Your First Home
Eduardo Parker
Many people often have a hard time buying their first home. There are many houses available on the market; thus, they have a hard time choosing the right home. Below is a guide on how to own your first home.
Decide what you want
Some first-time buyers buy houses on impulse. After some time, they realise that they bought the wrong house. Before going out to see what is available on the market, decide what kind of home you want. Remember, you want a house that you will be comfortable living in, years to come.
- Do you have a family? If so, the house should be comfortable for your children. If you plan on having kids, keep this in mind.
- Where do you want your house located? Narrow down to a specific neighbourhood that you like.
- Do you prefer a single-family house, a multi-family home, apartment or penthouse?
- What are the must-haves in your home? Would you like a swimming pool, a garden or a balcony?
- How would you like the bathrooms, kitchen, living area and bedrooms?
Plan your finances
If you do not have a lot of money at your disposal, then you will need a mortgage to buy your home. Visit your bank and inquire if you qualify for a mortgage. Do not be quick to take up the loan; instead, do your calculations to determine if you can afford it.
- How much deposit is required?
- What is the interest rate?
- How much will you pay per month? How many years will you pay the loan?
- How much are you left with after paying the loan? If your income does not change, can you afford your future needs such as your children's education, savings, emergencies and basic home necessities?
Do not take up the mortgage if it will burden you in future.
Hire a real estate agent
If you can afford the purchase, visit a real estate agent and inform him or her of your intentions. The real estate agent should be someone that you find easy to work with. Explain what you are looking for and what your budget is. Depending on the current market conditions, you might find a suitable house, or you might consider compromising on some of your initial requirements.
The final stage to owing your home is transacting. Hire a real estate lawyer to take care of the documentation and payments. First-time homeowners should always take their time when purchasing a house. Decide what you want, plan your finances and finally hire a real estate agent to find you a home.
For more information, contact a company like McGrath Real Estate Group.
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