Purchasing your first home is both an exciting and challenging experience. To assist individuals entering into the property market for the first time, here’s a step by step approach on how to tackle the daunting task of entering the property market to ensure you reach this important milestone.
1. Prepare a budget, Start Saving!: You should sit down and review your finances to identify and eliminate any unnecessary and excessive expenses to determine what you can set aside on a regular basis.
2.Expect, the unexpected and factor in additional costs: Saving up for the 10% deposit is never enough, there are unspoken costs associated with purchasing a home such as Home loan fees, Lenders Mortgage Insurance (LMI), Stamp duty costs etc and it is often prudent to have a additional funds tucked away to avoid being taken by surprise.
3.Obtaining Pre-Approval: Banks are more keen than ever to help everyday Australians purchase their first home, interest rates at an all time low making it the perfect time to seek finance.
4.Hunting for the perfect home: When looking for a home consider the following, Location, Type of Property ie house, town house, apartments etc, budget and lifestyle requirements.
5. Contract Review: Conveyancer.com.au offers free contract reviews, to identify any potential issues and ensure the property is right for you. 6. Make an Offer Now that you have a full understanding of the contract, you can make an offer on your dream home.
Speak to the team at conveyancer.com.au so that we can work with you to find your perfect home today.