If you and your partner are close to achieving your goal of buying your first home, congrats are in order. It is no small thing to find the deposit and afford the tax and legal fees that are associated with property ownership, and with that in mind, here are a few tips to help you navigate your way through the complex world of real estate.
- Getting mortgage approval – Don’t bother viewing properties until you have secured mortgage pre-approval, which basically means that, based in the information provided, the lender is prepared to fund the acquisition. Sellers will not take you seriously until you have an approval.
- Consult with a property lawyer – If you plan on buying an older property, think title insurance and for those who don’t know what is title insurance, it protects you in the event of numerous scenarios occurring after you become the owner. The legal expert will recommend insuring against fire, floods or other natural disasters, which you can get in a single policy that is renewed annually.
- Sourcing a mortgage broker – We recommend using a mortgage broker, as their services are free to the buyer (they receive a small commission from the lender). The broker does not represent a single lender, rather they have associations with many lending institutions and can therefore get you a home loan that ticks all your boxes. Click here for a few reasons why roof trusses are a good idea.
- Fixed fee conveyancing –This will save you money; any major search engine can put you in touch with property solicitors and most offer fixed fee services. You probably won’t have to pay stamp duty if this is your first property, which is a great help!
- Choosing a real estate agent – Of course, you want to be able to view all of the current listings in your chosen area, which is why you should choose one of the leading Australian real estate agents with a strong online presence. If a property warrants a viewing, the agent should be able to arrange that quickly and if you and your partner are sure, you can make an offer. Don’t rush into anything and there are many properties on the market at any one time. Make sure to read the online client testimonials, not all agents are as good as they say they are.
- Do some online research – Google is your friend and when it comes to researching property acquisition in Australia. If you know the process of real estate purchase prior to doing anything, this will stand you in good stead. Check out the Australian government website regarding property ownership and this will enlighten you.
Now that you have read this article, you know a lot more about owning real estate and we hope that you find your dream home at an affordable price.