August 10, 2016
The right property probably isn’t going to fall into your lap. Smart house hunting calls for effort and clever strategies. We explain how it works.
Deploy four key tactics to find the home that’s right for you and your budget.
Establish good relationships
Strong relationships play a valuable role in home hunting. No, we’re not talking about getting in touch with great Aunty Edna (though she’d love to hear from you). Buying a home is a lot easier when you develop professional partnerships. First, speak with your local Mortgage Choice home loan expert This is a must-do that will give you a choice of hundreds of loans in one spot. Such a time saver.
Next, partner with a professional conveyancer or solicitor. Touch base before you find a home you’re interested in. That way your legal people are ready to spring into action when you find a suitable property.
Finally, contact local real estate agents and let them know the type of property you’re looking for and your ideal price range. Plenty of homes are sold before even going to market because savvy buyers have put the word out among selling agents.
Research your market
Commonwealth Bank research shows one in two potential home buyers overestimate median home prices in their capital city, it’s a knowledge gap that can be disastrous when it comes to bidding at auction or going through the to and fro of private treaty negotiations.
There is a wealth of online information about home values. Or just spend some time checking out homes listed for sale – note the asking prices and be sure to follow up and see what they actually sell for.
Find out if you’re conditionally eligible for a home loan
This is a biggie. There’s not much point house hunting for properties in the $1 million-plus price range if your lender is only willing to go half the distance with a loan of about $500,000. This is why it is critical to speak with your Mortgage Choice broker at an early stage. We can explain your borrowing capacity and let you know which loans and lenders are best suited to your circumstances. Having loan pre-approval in place before you begin house hunting ramps up your buying power during price negotiations.
Work out all the costs
Buying a home doesn’t just mean scraping together the deposit. You also need to budget for additional costs like stamp duty, legal fees, a pre-purchase pest and building inspection, loan establishment fees and possibly furniture removal expenses. It all adds up. YourMortgage Choice broker can crunch the numbers to show the total cost you’re looking at to buy your home.
Discover how stress-free the home buying process can be. Speak with your local Mortgage Choice home loan expert today or call us on 03 9363 3333 or 0418 166 866..