Photo by Breno Assis on Unsplash
However, don’t be fooled; the road to owning your own home is no bed of roses. It calls for major sacrifices and finding the home of your dream requires effort and discipline, not to mention finance. But, with a little ingenuity and the following home-buying checklist and tips, you can blaze your way to home-ownership.
1. Zero in on the Perfect Location
Even before you think about your ideal home, you have to hunt for the location to appeals to your lifestyle and needs. Every home-buyer has a different taste regarding their built environment. Of course, affordability comes top of the list, but a quiet, peaceful location with good shopping opportunity, excellent schools and transport network is also crucial.
2. Start Your Research Ahead
It pays to make due diligence early enough. You need to scour the internet for great real estate agents, go through local property listing, read reviews, and ask for recommendations from people you trust. As you do your homework, make notes on particular homes that appeal to your taste, and ensure to mark any changes in market values.
3. Think About How Much House You Can Afford
You need to come up with a plausible budget for your potential home. By plausible, I mean you need something within your financial confine. You must have a bit of financial wiggle room after paying down the deposit; in other words, have some savings left over when you move in.
The good news is that there’s a myriad of affordability calculators online that can make the process easy, these will only provide a guide; one then needs to have an expert work out the4 exact amount you can borrow and what the rate/fees/charges will be and what are the repayment option available to you
4. Shop for Finance
It is no big secret most people need to borrow to afford a home. It is indeed a wise decision to shop around and research potential lenders with a Mortgage Broker who will generally have up to 30 lenders they can research for you. In the process, you have to factor in plenty of home loan hunting, including interest rates, amount of deposit needed, and repayment terms, and so forth.
5. Save for Deposit
Not everyone can get a home loan without making an upfront payment. Of course, there are options available for people who do not have all the deposit; they are generally called a family pledge loan.
6. Get a Home Inspection Done
Before you close the deal or even make an offer, you need to bring a third-party inspector to check the property for structural damage and assess the cost of repair, or it’s an apartment get a strata report.
7. Make an Offer
Depending on if the property is being offered as a private treaty or auction, there are ways to ensure you have the knowledge and skills to negotiate. The worldwide web has much content worth reading, then armed with this knowledge speak to an expert like a Real Estate agent you might know or a successful Mortgage Broker who would have assisted other buyers in the past, there is also friends and family to fall back on.
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