10 Steps To Buying a Home – Part One (Knowing the market, doing your sums, getting approved)
Buying a home can be a daunting prospect whether it is your first time, or not. So to help prepare home buyers we have put together a three part series about the ten steps to buying a home.
The ten steps to buying a home form part of our helpful Home Buyers Guide, which can be downloaded for free from the Urban Money website.
In part one of the 10 Steps To Buying A Home blog series we take a look at :
- Knowing the market
- Doing your sums
- Getting the tick of approval
1 Know the market
Do your homework and research the area you are buying into by browsing newspaper and Internet property listings and speaking to local real estate agents.
Attend plenty of property viewings and auctions, each time asking yourself: Does it suit my needs? What are its faults? What are its features? How does its price compare with other properties seen?
The more informed your decision, the better chance the property you buy is the right one in terms of price, location, value, size and lifestyle.
2 Do your sums
Once you have an idea of the property market, you need to know what you can afford to spend and repay.
Your borrowing power is determined by your income and financial commitments, as well as your current savings and credit history.
As your mortgage specialist, we can help you work out how much you can borrow and what type of loan will suit your budget and lifestyle.
Urban Money has competitive products as well as access to Australia’s most trusted lenders.
We can help you determine the true costs involved in taking out a mortgage (e.g. stamp duty, taxes, legal costs and insurance) as well as how to build in a buffer to interest rate calculations so that you are prepared should rates rise.
To save leg work, we can help you apply for the First Home Owners Grant and check your eligibility for stamp duty discounts.
3 Get the tick of approval
Now you know how much you can borrow, make an appointment with us to have your finance pre-approved.
While you can always leave this step until after you find a property, pre-approval is recommended because it gives you a realistic budget to go house hunting with and it ensures you are treated as a serious buyer by agents.
Better still it means you can shop with confidence as well as giving you the jump on your competition.
For more helpful home buying information download our Home Buyers Guide.
Read the next blog in the series.