If you are anxious about buying your first home is scary, don't panic. I remember that feeling. The debt. Finance failing. The fear of overpaying. It is a huge step. However the smartest move for your wealth. Property ownership is freedom. No more inspections. Hang a picture. You own it.
The best spot for your first purchase. Why?. Because we are affordable. You can still buy in the $400s. Good luck finding that closer to town. Impossible. Here, secure a home a decent block within budget. We have land. Choices exist.
Don't do it alone. There are rules. Contracts. Hard work. Your local agent, I like starters. I explain things. I help. My goal is your home. Let's look at the steps easily.
Saving Up That First Deposit
Saving the cash is the biggest barrier. Getting that lump sum while paying rent is tough. But you have to do it. Maybe not. Options. Low deposit schemes. Just a small amount. Ask the bank. You might be ready now.
Family guarantor. Parental help allow you to buy with no deposit if they have equity. Serious commitment. It is common. It saves you Lenders Mortgage Insurance (LMI). Lots of money. Ask about it.
If you are saving, budget hard. Every dollar counts. Keep going. The day you get the keys you will be proud. Keep saving. Gawler is waiting.
Sorting Out The Money First
Before you look before the loan. Go to a mortgage broker. Brokers have options. They check 30 banks. Best policy for your situation. Get an AIP. A document you can spend up to a certain amount.
Why bother? Confidence. At an inspection, you know you can buy it. Putting in a bid, You are a contender. If you say "I don't know my limit," your offer is weak. A financed buyer gets the deal.
It costs nothing. It is free service. Use them. It tells you your limit. Don't look at $600k homes if your limit is lower. Disappointing. Be realistic.
Stamp Duty And Legal Fees
The sticker price is just the start. There are hidden costs. Government tax. Here, it costs a lot. Calculate it. Good news, for newbies, no tax on new builds (check current rules). Old houses, tax is due. Don't forget it.
Conveyancer fees. Building inspection. Loan costs. Truck hire. Internet setup. It is pricey. Have spare cash. Don't spend every cent on the deposit. You need cash to settle.
Talk to Brad Smith. I can estimate the breakdown. I know reliable people. Be prepared. Knowledge is power.
Inspecting Homes Without Rose-Coloured Glasses
Looking at houses, ignore the styling. Styling goes. Check the structure. Check the walls Look up. Check timber. Is it damp?. Is it noisy?.
Keep emotions check with the decor. Look for the land. Renovate later. You can't move the house. For a first home, look for potential. The ugly house might be the best buy. Improve it. The shiny one you pay for the work. Buy potential.
Hire an inspector. Essential. It costs $500. It saves you $50,000. If the house has termites, be aware before it is yours. If it fails, cancel (during cooling off). Don't buy a lemon.
Securing Your Dream Home
Bidding is nerve-wracking. What price? Don't offer too low. You lose. Don't waste money. Talk to me. "What will buy it?." I might not tell you the exact number, I help. "You need to be higher." Read between lines.
Put it in writing. Talk are weak. A signed contract money talks. You are committed. The owner sees it. Higher chance to say yes. Be brave.
If it sells to another, don't give up. There will be another. Move on. Were you too slow? Fix it next time. The market teaches you. Don't stop. Success will come. Call Brad Smith. Hand over keys. It is the best feeling. Let's buy.
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