Buying your first home is one of the greatest and most stressful steps in your life. In fact, around 50 per cent of first-time homebuyers experience stress-induced health problems. Since this is one of the greatest life investments, buyers are put under a lot of stress and pressure to find the perfect home that won’t leave them broke.
Furthermore, this major decision typically occurs during the period when first-time buyers are experiencing other stressful situations in their lives, such as building serious relationships, starting a family or maintaining long-term employment. Therefore, it’s of the utmost importance that all first-time buyers be prepared for this process and know what to expect.
Considering your finances comes first
Before even thinking about buying a property, you need to consider how you will pay for it. This will probably be one of the greatest investments in your life, so it’s important that you plan your payment strategy carefully. Otherwise, you may end up with an enormous debt, which shouldn’t be taken lightly. Typically, most first-time homebuyers apply for a mortgage, but in order to actually get it, you need to be able to pay it back, which entails having a steady job.
You should also know that a down payment of 20 per cent is a standard in the real estate industry, so you’ll need a sizable amount of money for that, as well. Finally, keep in mind that there are always some additional expenses when buying a home. You’ll need to invest in home improvement projects and possibly some repairs, hire a real estate agent, pay taxes, buy furniture, etc.
Finding your perfect home takes time
We all want to find our dream homes where we’ll spend the rest of our lives. However, finding the perfect home is challenging and time-consuming. In fact, you may need to conduct a great number of home improvements before turning your new house into your dream home. You also may come across a home that you love, but can’t afford, or a thorough inspection may reveal that it’s not worth the investment. It’s essential that you remain patient instead of speeding up the entire process.
In addition, you should put your needs before your desires. Just because you want a certain feature, it doesn’t mean that it’s crucial for your home to have it. You should find a home that will meet your essential needs. Other details can be easily incorporated later on and you can turn your new house into your dream home.
A trustworthy agent is your ally
The real estate market is fierce, so you’ll definitely need a helping hand to get through this stressful period. In addition, since you’re a first-time buyer, you probably don’t have enough experience and knowledge of what this process actually entails, which can be easily taken advantage of. The real estate market, high prices, mortgage, auction and other steps can be so overwhelming that you don’t know which way to turn.
For a great number of young Australians for instance, the prospect of buying their first home can seem almost impossible, especially in Sydney where competition is fierce. Instead of giving up, they can work with an experienced and reliable buyers’ agents in Sydney who can educate and mentor them through this entire process, helping them make a wise investment that will suit their lifestyle. Therefore, if you employ a buyer’s agent, they’ll help you avoid real estate frauds or paying too much for your new home.
The neighbourhood matters
Once you start searching for your new home, you’ll notice that the better the neighbourhood is, the more expensive the properties are. You should keep in mind that the location of your new home can be even more important than its design. You can easily adjust the design to meet your needs, but you cannot change your neighbourhood. The neighbourhood of your new home will affect your taxes, determine where your kids will go to school, make your commute to work more convenient or inconvenient and even have an impact on how you spend your days.
Inspection is a must
Once you have found a house you’re interested in, you need to have it thoroughly inspected by a reliable professional. You’d be surprised to learn that some homeowners mask certain flaws in the attempt to sell their properties at a higher price. If this is revealed during the home inspection, you can negotiate the price or ask them to pay for the repair.
You should also pay for a land survey before sealing the deal. This will help you determine the exact property lines of your future home and avoid disagreements with your neighbours if you decide to add a home extension or build a fence.
Buying your first home brings a lot of important considerations, so you need to be prepared. It will be stressful and time-consuming, but if you’re aware of all the challenges and steps that lie ahead, you’ll be able to deal with them successfully.
About the author: Mike Johnston is an avid blogger and content writer with a focus in real estate, home improvement, and the construction industry.
By Mike Johnston