3 Dec 2010
For most of us, buying a property is probably the biggest decision we will ever make and with this in mind it is important to start your property journey armed with as much knowledge as possible.
In this blog and in my next one I will go through the steps involved in the process of buying a property, to make the experience a little less daunting for first home buyers, or those who have haven’t been involved with the property market for some time.
1. Research – Before you do anything else, start researching. Look up different areas and figure out what types of homes are available and for what price. If you plan on living in the house yourself you may also want to research homes that are near schools, public transport or other amenities.
When you find a home you like also make sure you do lots of research on the individual property. Find out about the history of the house and as many details as you can. It also helps to talk to your real estate agent and ask them to help you find out more about the property and the area in general.
2. Budget – Before buying a home you need to take a good look at your finances. What can you afford? Have you got a deposit ready? These are the kinds of questions you need to be asking. If you search on the internet you will find plenty of loan calculators that can help give you an idea of how much you can afford to borrow.
When making your budget, don’t forget to also account for things like legal fees, moving costs or possible interest rate hikes.
Doing your research and your property budget will take a bit of time, but you will feel a lot better about buying a property if you are organised and well prepared.
In my next blog I will talk about finding a lender and how the buying process works.