Buying a home is hard at the best of times, but when you throw in Christmas, New Year and the children being home from school then the task is much harder. But it can be extremely beneficial if planned properly whilst at the same time being relatively stress free.
For instance, there is traditionally a slump in property sales over the festive season and into January because purchasers are spending time doing other things. This reduces the competition that you will face when purchasing your dream home and increase the chance of you being successful. Also, with interest rates continuing to be at record lows it has never been more affordable to purchase property.
Here are some tips to make your home buying experience easier:
Know what you want: Have a good idea of your requirements. Make a list of what you need including the number of bedrooms and bathrooms. The size of your perfect garden for the little 2 legged and 4 legged members of the family. Garage space and off-road parking as necessary.
Once you have this list, do your research. Look on the website of your choice from the air-conditioned comfort of your own front room and narrow down the list to only the homes that suit your needs. This will save you time and money that you will waste looking at homes you will never purchase because they are not what you need.
Use property inspections wisely: When you have set aside some time to look at properties you need to maximise the information that you get, after you have seen a few open houses they will begin to get muddled in your memory so take photos and a notepad and pen. Always take the brochures being offered by real estate agents and make notes on them as well. Notes on what you dislike are just as important as the features that you like.
Have a limit: When purchasing, it is always a good idea to have a pre-approval for a home loan in place (essential for auction purchases.) This will give you a very good idea on what you will be able to afford and will give you a limit for your purchase. If you have set a limit then stick to it, a dream can turn into a nightmare when you have over extended your financial capacity and are in financial difficulty
Prepare a household budget: Work out your monthly expenses including food, utilities, insurances, loan and credit card repayments, phone contracts, gym memberships and anything else you can think of. Subtract the total of this figure from your monthly earnings and the money that is left should be more than the expected home loan repayments. Revisit this regularly to work out where you are able to save money and you may be able to reduce the size of the loan considerably over time.
Research, Research, Research:There are many factors to consider when choosing a home loan and you cannot know enough when purchasing your biggest asset. Get help from a mortgage broker to assist you with information about the differences between lenders as well as the differences between features on home loans. A mortgage broker can help you understand borrowing limits, interest rates, lender policy and assist you in choosing the home loan that best suits your needs now and into the future.
Hopefully these helpful hints will have you signing a contract in the near future because far from being the worst time to buy, given the state of the property market, right now is the perfect time to buy. For more information on your home loan options and borrowing capacity, phone Dave Thatcher on 0432 420 006 or email me at email@example.com