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So you want to buy a house, now what?

November 2017

You’ve made the decision to buy a new house – congratulations! We welcome the opportunity to assist you in making this dream a reality, so here is a quick checklist to get your journey started on your way to home ownership.

1) Check your credit rating

    1. Yep, that old Blockbuster video rental you forgot to return might still be showing on your credit report, which can be detrimental and/or expensive when securing a home loan. Work with the credit agency to have this removed or ask how you can amend/comment on this “bad” mark. Best to get this done prior to shopping for your first home loan.

2) Contact your bank for pre-approval

    1. This will give you an idea of what you are able to afford from a lender’s perspective. Remember, these are often at the top end of your financial limits, but can assist in giving you an estimate of the price range you should be looking at.

3) Determine your budget

    1. Now that you have a pre-approval, it’s time to write out your budget. Remember to include settlement costs, homeowner’s insurance, rates, utility costs, maintenance, and any owner’s corporation fees. These can add up very quickly and put you over your budget if not factored in.

4) Location, Location, Location!

    1. Your home is where your heart is, so make sure you like where you live! Spend time in the surrounding neighbourhood and community during both day and night to get a better feel for the place. Check out community activities and facilities, both currently in place and in the planning stages. Look at schools, shops and council investment, as well as the future town plans on record. All of these will form your home life, so make sure it is the right location for you and your family.

5) Find a house you want to live in

    1. This may seem like an obvious statement, but it is really important when choosing your home. Where you live not only includes the community and neighbourhood, but everything from the house layout, landscaping, appliances, and fixtures. If you compromise too much, they will be glaring at you once you move in and you might never feel really at home sweet home.

6) Save for your deposit payment

    1. If you have less than a 20 per cent deposit, you will subject to ‘Lenders Mortgage Insurance’ (LMI), which adds additional costs to your repayments with no value given to your principal pay down. Therefore, it is in your best interest (pun intended) to save as much as possible for your deposit.

 

Also, be careful when you go online and enter a number into one of those mortgage calculators. These are often incomplete or assume you are putting 20 – 30 per cent down on a 30-year loan. Make sure you have all your facts and figures correct before making your purchase.

7) We are here to help

    Everyone at Exford Waters has experience in helping future homeowners with their many and varied home buying questions. We know what a big life decision this is for you, and we are here to assist you in every way possible.