6 Things to Know Before Buying Your First House

first house

Having decided to officially begin the search for your perfect home, you must have received all kinds of criticism and scolding. Nowadays, everybody is complaining about high mortgages and how first house prices in Australia have skyrocketed, or you’ve been intimidated by the reports stating the small number of actual home owners. Nevertheless, the fact remains that Australian property prices aren’t nearly as high compared to the rest of the world. What’s more, it’s the cost of renting that has increased dramatically in the last 20 years, as opposed to home prices.

Therefore, the time is right for getting a place of your own, and here are some things you should bear in mind before you finally seal the deal.

Know your eligibility

Unless you have some cash on the side, you’re most probably going to apply for a home loan. However, do you have any idea if you are financially suitable for applying for one? In order to get approved a home loan with the best rates, you should first consider your credit score and income. Make sure you monitor the current market trends for notifications about home loan rates and the property market.

House shopping takes time

Even if you immediately find the home of your dreams, it’s still going to be a long and time consuming process. Hardly anyone comes across their dream home right away, so you’ll need lots of patience and determination to finally locate the best real estate for you.

Once you’ve found it, that’s when the real research begins.

Learn the house history

Always make sure to ask about the house’s history. For example, whether it’s the first time it’s on sale, previous owners, why it’s on sale, how long it has been on the market, and, of course, who exactly is selling it, and why. In addition, always require that you see some current utility bills to get an idea about the monthly costs.

This will give you a clearer picture, and if you like everything you hear, it is a step closer to home ownership.

Location is everything

There’s more to this than just looking around the neighbourhood. It’s highly recommendable that you visit the area at different times of day to really see what life revolves around there.

Also, make a note about the proximity and types of the amenities around your future home. For instance, check if your future home is in a residential area, or is there an office block or a shopping centre to be built nearby.

Check for redecoration limitations

The next thing you should do is visit the local housing department. This is of utmost importance since it provides an insight into details which the estate agent or the seller wouldn’t feel like sharing.

The house can already come with some renovation restrictions, but you’re bound to do some it the years to come. For this reason, pay a visit to the housing department and get information straight from the source.

Negotiate as much as you can

It doesn’t matter if you don’t like all the haggling – that’s something which you simply have to do, and you’re fully entitled to it. Not to mention, you’re even expected to try to lower the price as much as possible. For this purpose, hire the best home inspector you can find. They have a professional eye for details. In addition, don’t let your lawyer be the agent’s lawyer at the same time, or the buyer’s.

Once you enter the whole procedure, you’ll see it’s quite a lengthy process. There are a lot of things to take in, but eventually everything will pay off when you get the keys to your very own home.