Things to Consider When Purchasing a House for First-time Homebuyers
Buying any property is the most grueling and complex process you have to go through. This is because it requires a thousand decisions – big and small. You do not need to worry because, with the right people and some tips, you can find the right one that fits your needs.
If you are in the market for buying a new house, you should consider Property Buyers Agent near Melbourne at the onset. To help you get started, here are some things to consider when planning to buy a house:
Have preliminary lifestyle and financial check
It is crucial that you determine whether it is the right time to own a house or not. You can start by evaluating your lifestyle needs now and in the future. Lifestyle check involves the following factors:
- Job security: when you lodge home loan application, the lenders will prefer if you
have been in your current job for at least twelve months. This shows that you have a stable source of income. Keep in mind that if you have high job security, you present a lower risk to the lender.
• Kids: planning to have kids is one of the biggest lifestyle changes you need to consider. While this is thrilling, you need to first think about the cost of extending your family and how it can significantly affect your ability to buy a home.
• Length of stay: are you planning to stick around or not? The length of your stay in a particular place will determine if you are ready to purchase a house. Financial adviser recommends that you only buy a home if you intend to live there for five to ten years. This is enough time for your property to appreciate in value.
• Existing debts: the amount of your existing debt will reflect whether you are ready to buy a house or not. With this, it is crucial that you review your financial health.
As soon as you realised you are ready to purchase, you need to conduct research. To make things easier, you can consider Melbourne Buyers Agent & Advocate. With the right team of professional people, you can quickly identify the right property for you. It does not stop there because they will help you negotiate the best price and ease your settlement.
Compare finance options
You will feel a little better after finding the right property but there is still work left to do – comparing finance options. It is crucial that you analyse your financial situation. When comparing home loans, you can consider the following factors:
• Interest rate: the interest rate will vary depending on the institution. Ideally, you
need to find a home loan that offers a lower interest rate. Lower interest can help you maximise your savings along the way.
• Fees: when comparing, do not forget to keep an eye for application or establishment fees, discharge fees, and even ongoing fees. Ideally, you need to find a home loan that has fewer fees. Fewer fees can help you minimise your mortgage costs.
• Features: financial institutions provide different features that can entice homebuyers. It is crucial that you take advantage of it so you can save money down the road.