So you’re ready to buy a house. Your first home purchase is a big deal. Congratulations on reaching this major milestone in life. The next few months are going to be a learning experience for you. But you don’t have to navigate the world of real estate entirely alone. Here are some of the people that will help you as well as some important tips to keep in mind:
The right financial approach is important to help you get approved for financing and to help you get as favourable an interest rate as possible. It’s wise to get a pre-approval before you get too far into the process of buying a house. Knowing, up front, what you qualify for will help you move forward confidently and can help you lower the risk of getting your heart set on a property only to find that you can’t secure financing.
Tip: Don’t hesitate to meet with more than one financial institution so you can truly see what your options are.
Real estate professionals can make your life much easier. Not all real estate agents are created equally, though. Look for a realtor with a solid reputation. The realtor will help save you time by finding properties that match your real estate wish list and will help you with negotiations, too.
Tip: If you’re not happy with the service you’re receiving, you do have options and you could file a complaint about a real estate agent.
A Home Inspector
If you’re not buying a brand new house, you’ll likely need a home inspection in order to secure financing once you’ve chosen a home. This is an important part of the process that helps you be well aware of the true condition of a house you’re interested in. The findings could result in changes to the agreement between the buyer and seller in terms of cost or in terms of specific repairs that will need to take place before the deal closes.
A Real Estate Lawyer
It’s important to know both your legal rights and your responsibilities in real estate. That’s why a real estate lawyer is an important person in the process. The lawyer will help you.
Tip: There are courses and workshops aimed at first time homebuyers that will help you with a ‘home buying 101’, helping you understand the basics of the process. Knowledge is power in every important milestone in life so get as knowledgeable as you can about the legalities so that you make wise decisions. Regardless of how knowledgeable you become, though, legal fees are still a must.
Best of luck on your journey to home ownership! Feel free to browse our archives for many helpful Australian real estate articles that can help you be informed and make smart choices.