Thinking about buying your first home? Congratulations! This is an exciting time in your life, although it can obviously also be a stressful one. If you’ve just begun thinking about buying a home, here are a few things to consider:
Saving your deposit
The larger your deposit, the less interest you’ll pay over the lifetime of your mortgage, which ultimately means more money in your bank account. You’ll also be able to get the best interest rates, so it’s well worth taking a little extra time to save before you begin looking for your home. Keep in mind that you’ll also have other costs to pay at the time, so set some extra money aside as well.
Get your credit sorted
If you have debt, you’ll need to get it sorted before you start getting serious about searching for a home. That’s because lenders will take a good, hard look at your finances, and you’re unlikely to impress them if you’re thousands of dollars in debt. Your credit score is also important, so now’s the time to take a look at your credit report and make sure everything is correct. If you notice incorrect information, start asking questions now so that your credit score can be fixed. Pay off your credit cards, and keep your credit utilization low so you can raise your score.
Don’t forget Conveyancing
Conveyancing is when a title is transferred into your name, and it’s important that you get an expert to do this for you. An option is convey online fixed price conveyancing, which will review contract of sale, give you comprehensive legal advice about your contracts, prepare property transfer, and do everything necessary for your settlement to go ahead successfully.
Get prepared
Make sure that you have your plan sorted, so that if you fall in love with your dream home, you’ll have your deposit and paperwork together, plus pre-approval. That way, you’ll be in a good position to make an offer, and can more easily snap up your perfect property. Also to feel extra secured, better get a home warranty just in case future repairs arise.
Shop around
Make sure you’re spending plenty of time checking out different houses in many different neighborhoods so you have a good idea of what’s happening in the market. Remember: It’s better to choose the worst house on the best street, so always keep in mind your long term goals and how much the property will increase in value over time
