Buying your first home is one of the biggest, most exciting decisions you will ever make in life. However, it can also be an overwhelming process, especially if you are new to the real estate game.
You might be wondering, how do you buy your first home? Read on to discover all of the tips and tricks of homeownership.
Determine your budget
Your budget is key when it comes to purchasing your first home. You’ll want to consider your income, expenses, debt, and savings to figure out how much you can afford to spend on a home. This step may include speaking with your mortgage broker to determine your borrowing capacity. Utilise the free services of a mortgage broker who are specialists at finding the best deals for you to maximise your borrowing capacity.
Once you have a budget in place, you can start searching for homes within that price range.
Consider a thoughtfully designed, master-planned community like Exford Waters, with a range of land and house and land packages on offer to accommodate all budgets.
Save your deposit
Saving for a house deposit can be challenging, but it’s worth the effort.
A deposit is the initial upfront cost when making a purchase, serving as your first payment towards the property’s purchase price. The standard deposit is 20% of the purchase price.
Securing a place in the delightful Exford Waters community, in a charming 3-bedroom home, can be achieved by making a standard 20% deposit payment of the $538,800 purchase price (Priced as of July 2023).
This initial deposit ensures your place in this growing neighbourhood.
Get pre-approval for a mortgage
Before formal loan approval, pre-approval occurs when a lender agrees to provide a specific amount of money to purchase a property. It signifies a commitment on the lender’s part to support your property purchase.
Mortgage pre-approval will give you an idea of how much money you can borrow to buy a home. It also shows real estate agents and sellers that you are a serious buyer. Shop around and compare different lenders to find the best deal.
Search for a home
Once you have your budget and mortgage pre-approval, you can begin searching for your dream home. You can search online, visit display homes, and work with a real estate agent or land sales consultant to help guide you through the process.
As a first home buyer, consider what is most important to you. Do you prefer a convenient location that is close to shops and public transportation, or do you prefer having access to nature? Start by prioritising your needs and then consider your wants to narrow your search.
Offering premium, riverside living just 10 minutes from Melton, Exford Waters perfectly combines the convenience of urban living with a relaxed, outdoor-oriented lifestyle
Hot tips for first home buyers:
- Take a family member or friend for a neutral perspective
- Do your research on the estate, the neighbourhood, and the location
- Consider natural light and noise levels at all times of the day
Make an offer
Once you have found land or a home that you love, it’s time to make an offer to the seller. Your real estate agent can help you draft an offer that considers the home’s condition, location, and market analysis. It’s important to negotiate the terms of the offer, including price, closing date, and contingencies.
When purchasing land, reach out to a sales agent for pricing information. They can also answer any questions you may have and guide you towards securing your new lot.
Close on your first property
Once you and the seller have agreed on the terms of the sale, it’s time to close on your land or home. This is when the final paperwork is signed and the transfer of ownership is finalised.
When buying land or house and land, employing the expertise of a conveyancer can greatly assist in navigating the intricate legal procedures involved in transferring ownership. Their assistance ensures a smoother experience throughout the entire process.
Buying your first property can be an intimidating process, but with the right guidance, it can be an exciting and rewarding experience. Remember to stick to your budget, get pre-approved, work with a real estate agent, and prioritise your needs. Take your time and trust the process. And once you find the perfect home, don’t forget to celebrate!
If you are looking to make the move, Exford Waters has a range of house and land packages available for all buyers and lifestyles. To discover more, contact us on 1800 777 800 or visit our Sales Office at: 5 Riversdale Boulevard, Weir Views, Open Saturday – Wednesday, 11am -5pm.