So, you’ve decided it’s time to purchase your first home… Congratulations!
Entering into the property market is potentially one of the most rewarding experiences anyone can have…
But it can also be daunting and stressful if you’re not prepared and don’t have the right support…
Fortunately, we are here to help you with this potentially stressful experience.
Clark Finance Group is here to ensure that you enjoy it. Call us anytime to discuss your plans or keep reading below for some tips.
Tips for First Time Home Buyers
Get down to the nitty-gritties of your finances.
First things first. Before you begin searching for houses, you need to find out about the most important aspect – assess your finances.
1. Are there any restrictions on the types of homes that lenders will provide a mortgage on? This is very important when considering apartments or rural properties
2. What loan amount would you qualify for?
3. How much can you afford to in monthly repayments?
4. Learn about the repayment options that are available
5. What grants are available for First Home Buyers and if you’re eligible
We can assist you with all of this, and it’s an even better idea to get a Home Loan Pre-Approved even before you begin looking for a house. That way you are fully prepared when you head out house hunting.
Don’t hurry, do proper investigation
It is not advisable to rush into things and purchase the very first house you see. It is always better to be safe than sorry. Without research, you may regret the results.
Buying the perfect home for you and your family requires effort and it’s a time-consuming task.
Make a list of the details like:
• what kind of home you are searching for
• the location where you would like to buy your home
• the number of bedrooms you need
• things that are mandatory, features that you can compromise on etc.
Once you have a list, you will have a better idea of what kind of house you are searching for.
Do lots of research, and remember location, location, location…
• Is the area having consistent increases in home values
• What infrastructure is getting built now and in the future
• Proximity to schools and transport
These assist in creating value in properties. Taking a whole of life approach to buying your first home will help you grow your wealth and enhance your lifestyle…
Still not sure you can see yourself living in the area, maybe utilise AirBNB and stay a week or weekend close to where your looking to purchase and see how it feels!
Get Organised with your Documents
Applying for a loan involves paperwork. Various types of documents are required before applying for a Home Loan. Make sure you have all your documents ready well in advance so that you don’t have to run around at the last moment to look for your documents to get a pre-approval when the auctioneers hammer is about to slam on the table.
Even before you start house hunting, we can walk you through what is required and a road map of the loan application process.