Buying your first property can be a very emotional experience. Some even describe it as a roller coaster, with peaks and troughs that can be blissful and exciting in one process then unnerving and very stressful in the next.
Let us go through the ups, downs and loopholes of first home buying to help you prepare for that jump into the property market.
The Excitement of Saving for a Deposit
As you are saving to buy a new home, it will indeed be very exciting at the anticipation of being able to buy the property sooner rather than later. It is important to make sure that you stay excited for the whole and long journey of saving. Setting a savings target and building a budget are great tactics that will help you achieve that target faster than you thought.
The Confusing and Overwhelming Home Loan Options
After ticking off the “save for a deposit” task from your checklist, you can now officially start your home buying journey. Here, bigger decisions and actions are to be made, such as researching, comparing, and picking the right mortgage for your needs. These things can trigger everything from eagerness and exhilaration to nerve-wracking anxiety.
Finding the best home loan for your needs is a critical aspect on any home buying journey – whether you are a buying your first home or your tenth property. However, there are hundreds of different lenders and home loan facilities on the market. Choosing, which among these best fits your needs, can be confusing and daunting.
A mortgage broker can guide you through the home buying process and help you determine the necessary requisites for your home loan now and for the future. The professional advice and aid of a mortgage broker can help you save time and effort.
Finding the Right Property: The Stress, Joy and Excitement of It
After working out all the details of what you can borrow and what type of home loan suits you best, it is time for you to locate and buy your property. Finding the right home can be a very taxing chore, especially if you do not have unlimited funds. However, you can also make this into a very exciting task. Imagine having the chance to explore and traverse different homes and suburbs.
To make this easier, you can make note of the features your property should have and inspect the properties that fit within your budget and possess all of your “must have” features.
The Worry and Euphoria in Contract Signing
After finding the most fitting property for you, it is important to go through the contract with prudence and care and to make sure that there is enough time for pest and building inspections. If you will be making an offer on the property instead of trying to buy it at an auction, it is critical to check the contract to see if it includes a cooling off period and /or subject to a refinance clause. You should also make sure that settlement period suits you and your current living arrangements. Your solicitor or conveyancer can give you a hand with this step and can help you request changes to the contract of sale.
The Joy of Settlement
Congratulations! You now officially have your own home.
It is not really surprising to feel ecstatic and proud when the settlement day arrives. However, you should not be swept up in emotions. Remain vigilant and approach everything with eyes open. You should set a manageable budget which includes your new mortgage repayments and hunt for the best removalist deal for you. You can enjoy your new home with knowing that you can easily afford your new property.
Planning to take a ride on the emotional roller coaster of first home buying? We can help you achieve your goal with our expert advice and guidance.
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