Buying a home is the largest financial commitment most people make during their lifetime, so it makes sense to spend some time researching every aspect of home ownership before making any decisions. Many potential buyers make the mistake of looking for their ideal property first, bypassing the initial planning, which may not be as exciting as house hunting, but if done well, saves a lot of anxiety later.
Carefully Check Your Finances
The most important step is to take a realistic look at your financial situation. Whether you are building or buying an existing property, a mortgage is a necessity and one that is likely to take many years to pay off. It is not enough to look at your current income and assume that it will be sufficient to cover the mortgage and expenses. You need to ensure you can meet these commitments over the term of the loan.
Include ALL Costs in your Budget
You should also remember that whether building or buying, there are additional costs to be met before any property settlement takes place. These costs should be carefully researched and included in your budget. Government stamp duty, building inspection and conveyancing fees, moving costs and connection fees for utilities like water and power are just some of the likely costs to budget for. However, there could also be some government grants and concessions available to you depending on your situation.
Keep Comprehensive and Accurate Records
You should keep records, either paper-based or digital, of every aspect of your journey to home ownership. Over the weeks and months of the search until you finally move in, you will speak to real estate agents, building experts, legal experts, local government employees and others. You will gather quotes, copies of contracts, building plans and other documents which you may need for future reference. It is quicker and more efficient to keep it all in one location.
Only Deal with Experts
Remember also to get expert advice, especially if you are new to purchasing property. As you start working your way through the process, you will have dozens of questions, and while some may be easy to answer, others will need investigation and the opinion of people with relevant qualifications. Getting the right advice first up will save a lot of problems later.
Our real estate agents here at Bunbury Real Estate have the training and experience to find the perfect block of land, house or apartment for our clients. We are members of the Real Estate Institute of Western Australia and we have received many industry awards for our professionalism over a period of years. Our staff are ready to assist you in your property search.