PROSPECTING FOR FIRST HOME BUYERS
Looking for a first home can be an exciting journey, but it’s important to keep your head when you’re on the hunt. With these simple tips and some patience, you will be able to find the home that’s just right for you.
Know Your Budget.
Make sure you have a clear idea of what you can afford to spend. As a general rule, you should aim to save about 20% of the total price of the property to put down as a deposit. You can work backwards by making a list of properties that you are interested in and working out the average market price, 20% of which will give you the deposit. It’s also worth keeping reserve funds aside to cover the costs of buying.
It’s important to have a clear idea of what you want before you hit the inspection circus, just because it has balloons and a sale sign on it doesn’t mean it’s the house for you, so don’t settle for anything less than what you really want. And if you don’t know what you want exactly, it can’t hurt to get some ideas by looking around. Make a checklist of the qualities you want in a home and try to look at each home with this checklist in mind, it will make deciding between properties that much easier.
Know Thy Agents.
Talk to as many agents as you can about what you’re looking for. Remember, they’re working for you and they want to sell you a house, so the more you have looking, the more chances you have of finding the perfect home.
It can be exhilarating to find a house that suits your taste and needs, but it’s important to keep your cool and buy rationally rather than emotionally.
Try not to get too excited about a property, as it is easy to gloss over the potential pitfalls of a purchase when you’re emotionally attached to it.
A cool head will also make it easier to negotiate with agents; they will have all the leverage if they know you’re head over heels for the property. So, if you think you’ve found your dream home and the excitement is too much to bear, keep your budget in mind and checklist in hand. Make a list of the pros and cons of your potential home in the cool light of day and in the context of considering your other options. Get as much detail about the home as possible, down to the details of the sewer map which should come with each property (having a main pipe under your house could prove to be a pain later).
Consider building your home.
If you can’t find a home that’s perfect for you, or there’s nothing of quality within your desired area or price range, consider building a home, you can customise it however you please. Companies such as Coral Homes can help steer you through the process step by step, and give you the kind of home that is right for you.