If you are wanting to purchase your first home in Australia there are a few things that you should take into consideration before you purchase. First home buyers often go into the process knowing very little about what they are looking for and what they should buy. Keep reading to uncover a few basic things that you should do before you purchase your first home in Australia.
The very first thing first home buyers should do is to work out a budget. Estimate your monthly budget and determine how much of a house payment you can afford. You do not want to leave yourself short each month. Buying a property above your budget is the most terrible thing you can do.
The first thing you should do if you are in the market for purchasing your first home, is make a list of your priorities. Rate these things in order of importance. For example, is having a huge living area the most important thing or is having two or more baths more important? Determine where you would like to live in Australia according to climate, education system and employment availability. This will help you to narrow down your choices for a house.
While you are deciding on what type of house you want to buy, you should be saving funds for the down payment. The larger the down payment, the less your monthly payments will be. First home buyers often make the mistake of rushing into a home purchase with very little down and then regret it later when they see their monthly payments.
Don’t be afraid to shop around for the home that fits your needs. First home buyers should find a reputable real estate agent in Australia and give the agent a list of things that you are looking for in a property. The agent should be able to set you up on tours of homes that fit your needs. Any agent who tries to pressure you into a purchase does not deserve our business. Don't forget that the agent is working for you, so don't be afraid to say "NO" if you haven't found exactly what you want in a house.
When you have picked your home, shop around for a good mortgage deal. You may want to enlist the help of a mortgage broker for this. Make sure that the broker you choose to work with has access to many different banks so that they can get you the best rate that suits your requirements.
If you are a first home buyer, knowing what to expect will make the home buying process a lot less stressful.