1. Plan your Budget
There is nothing more important when contemplating buying your first home than planning a budget and sticking to it, as well as continuing with a revised edition once you have successfully secured your dream home. It will be by sticking to a tangible and well-planned budget that you'll get a clear picture of the home loan you can afford. A mortgage broker is there to help you find the right home loan for your situation. Since this is your first home loan, a mortage broker (ask me fore more details) can show you the ropes and explain all the features available along with helping you with budgeting too.
2. Get Rid of Debt
Make sure, when applying for your first home loan that you are not carrying excessive debt. Do away with any credit cards you don't really need, finish off your car payments and pay down any personal loans. Make your home loan your top priority and don't allow yourself to fall into patterns of debt which will hamper your ability to get a mortgage.
3. Do your homework
There is so much to think about when you are looking for your first home. What suburb do you want to live in? How long are you planning on living here? Could you buy somewhere cheaper, rent it out and then rent where you would like to be living while your investment increases it's equity? What about schools, transport and shops? Do you want to live in a newer home or an older place which you can renovate over time? Whatever your needs and desires with your purchase, get everything right in your mind before you take the plunge and offer on a property.
4. Ask for help from the pros
Talk to local agents (that's me!) to find out what’s happening in the market. If you find a dream home, in a dream location, ask for more information to find out if there's a catch. Not sure on the structure of the building? Get your Building and Pest Inspection done on the property you are set on. Wondering why there's not a lot of interest in a home which seems perfect to you? Call the local Town Planners in Brisbane City Council to see if there's about to be a huge development built next door. There are lots of professionals who can help you make informed decisions when you're unsure of what to do next.
5. When is the best time to buy?
Cooler periods in the housing market can be windows of opportunity, so it’s worth keeping an eye on interest rate and market trends. Some locations are hitting the bottom of a pricing cycle, so there are bargains to be had. However, there's always a lot more 'stock' on the market in hotter periods so you're more likely to find what you're searching for. Lots of properties come up for sale in Spring and often Winter there is very little on the market to choose from.
Thinking of selling your property?
I am happy to come and see you to give you an appraisal with no obligation. An appraisal with me can give you expert industry knowledge about what’s happening in the local area of your property, information about any recent changes in the market along with some examples of what services you can choose when selling your property with us.
With a fair and ethical mindset, you can be sure that together we achieve the best possible sale experience for you and your future!
Kath is an Annerley and Tarragindi local with all the inside knowledge. Ex business-owner and current lover of local, community and Real Estate!