Tips for Home Buyers

Buying a home can be a stressful experience. 

You will experience a roller coaster of emotions while finding the right place, securing a mortgage, and finally moving in. For most of us, the first time home purchase is the largest investment we’ve ever considered, and future purchases, while more familiar, can still be just a daunting. The emotions of purchasing something so expensive and personal can often cloud our business judgment. 

There's a swathe of information (or misinformation) out there for first time and ‘experienced’ buyers alike. So, to assist you, we have complied a list of helpful tips. 

• Decide on your NEEDS, and separate them from your WANTS. 
• While targeting one or two locations, let yourself to have an open mind to other areas and opportunities. 
• Do your research. Get on Google and investigate all the suburbs you want to live in. 
• Get a top mortgage broker. Banks can be strict on lending so it pays to shop around. 
• Income + Lifestyle = Mortgage Payment. Honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a sacrifice, but don’t mortgage your entire future.
• Get help from professionals including a building surveyor and solicitor. 
• If you are selling and buying in the same market you will find it quite balanced - you may be disappointed with your sale price, but then pay less when you purchase a new property (or a bumper sale price may be offset by a similar level new purchase price). 
• It's almost always best to sell before you buy. Then you know exactly how much money you have to spend on your new home and you will be in a cash position to negotiate a better deal when you buy. 
• Cash is always king - if you are cashed up you can strike. 
• Always gather recent sales data about surrounding sales around the home you are interested in. Only sales within 12 months are relevant and six months is even better. 
• Figure out the price point at which you would be gutted if you missed out and the point at which you would comfortably walk away. The point where these meet is where you see the value and this should be your offer/bid. 
• Browsing the web is not looking for a home, you have to actually get out there and visit properties to get a feel for the market and what you like. 
• No-one can guarantee that the property you have set your heart on to buy will still be on the market in three months time. So if your heart is truly set on buying that 'dream home' for the long term, then now is the time to buy. 
• Be A Detective. Check out all costs and expenses before you sign, including utilities, taxes, insurance, maintenance, and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order. Ask lots of questions and be very detail conscious. 
• Do A Final Walk-Through. Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked. 
• If it’s not in writing, It doesn’t exist. All promises and discussions should be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements. 
• Imagine the Property As Yours. Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.