So, you’ve finally found the home of your dreams. What now?
These top tips can help first time home buyers avoid making a beginner’s error.
Do your research
Before you even consider buying property, you must first determine your budget and your capacity to pay. Do your research and speak with lenders to get valuable information on current interest rates, and other factors that could affect the actual amount you can borrow. Compare loans and browse the Internet for online mortgage repayment calculators you can use to evaluate your overall capacity and buying power.
Get legal advice
To identify any potential and serious issues with the property that could create problems in the sale, you need to get legal advice from conveyancers or solicitors. Some of these issues include title deeds and legal ownership problems, possible problems with strata management fees and clauses, state authority rights involving zoning or future projects and developments that could affect the value of the property, etc.
The mortgage agreement and the contract of sale must be reviewed by your legal representative so that your interests will be protected within these legally-binding documents.
Organise a building inspection
Here are some of the things you need to watch out for when it comes to property inspections:
- Structural defects
- Asbestos
- Plumbing and/or wiring issues
- Pest infestations
There are many other potential problems with the property you’ll need to look into. While you may feel a connection with the home, you must also be practical and conduct your own property inspection with the help of a professional. Here are telltale signs of property problems that should ring alarm bells in your head:
- The presence of mould
- Saggy ceilings
- Uneven frames (doors and windows)
- Faulty heating system
- High energy bills
Use an accredited valuer
Inaccurate property valuation can put you in a precarious situation, especially if you’ve already committed to making a purchase by signing a contract or bidding at an auction and you end up with a lender valuing the property much lower than what you paid. If this happens, you will be forced to borrow a higher amount than you originally planned to get. To prevent this from happening, find a reliable and accredited valuer so you can source your own valuation.
Hire an agent
Buying real estate is a big step, and one that requires a lot of negotiating and bravado. Not everyone feels comfortable negotiating prices and making sales offers, and this is where the assistance of a buyer agent comes in. He can do the bidding, negotiating, and offers for you. Not only are residential property brokers Victoria experts at finding great properties in accordance with the buyers’ needs, they are also professional property evaluators. They can negotiate purchase terms and reach a fair agreement for you.
National Brokers Network Business Brokers Victoria is a well respected real estate broker in Victoria. Our commitment is informing and empowering our readers with the real estate knowledge in Australia. If you are in the market or selling your property, Register Your Property today or Let Us Know Your Requirements so we can assist you.
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