BRYCE'S BLOG - Go behind the scenes of Episode 6 of Location Location Loaction Australia.
Having a mortgage and purchasing your first home can be very scary and for first home buyers like Rohan and Belinda it was a leap of faith as it was also the first time they were going to live together! But as these newly weds were willing to push their finances a little further they came out winners with a great post honeymoon home to move in to….
Here are some strategies for first homebuyers.
• Get Finance Pre-approval - to provide you with the security of knowing how much you have to spend. It will help with the property search process, including negotiating a purchase or bidding at auction.
• Be Realistic - The order of the day is to "compromise' but unfortunately some first homebuyers have very high aspirations and, in many instances, are unwilling to adjust their expectations. The first home never is, and never will be, the dream home. The first home is just to get a foothold into the market. If you get to your dream home it's going to be in a couple of steps.
• Familiarise Yourself with the Sales Process - Before you start your search, be aware of the practicalities of buying a home. Read up on how auctions work, the best way to go about making an offer, what to look for when buying property, and real estate agent tricks and traps.
• Research Prices in your Area- Arm yourself with as much information as possible about the area and comparable sales of similar homes. The more you know, the better you’ll be at identifying value and not being “sold” to.
• Be Alert to Gazumping - just because you've made an offer and it's been verbally accepted, and the real estate agent tells you "It's in the bag", don't be fooled into believing the property is yours. Until you and the owner sign a legally binding contract nothing is set in stone and another buyer could make an offer and outbid you. Ask the real estate agent to let you know if another party puts in a higher offer so you can make a counter bid if you wish.
• Keep your Emotions in Check - While the search to find your home will be an emotional one, it's best not to let your emotions get in the way when it comes to transacting a purchase. If you feel too emotionally attached enlist the help of a knowledgeable friend or relative to help you work through the pros and cons of each property