Buying First Home is a daunting experience. It’s easy to feel overwhelmed and those who cope better tend to do so because they have clear strategies or goals set in place BEFORE they jump into their “buying first home” mode. They have thought about what questions they need to ask of themselves and also what questions they need to ask of other parties such as their bank, real estate agents, financial adviser, property vendors, lawyers, and so on.
As soon as the “buying first home” bug hits, some questions you might ask of yourselves is:
How much can we afford to spend on a first home.
How much can we afford to service a loan.
What are our future financial goals.
If we don’t already have children are we planning any.
What city/town/suburb/neighborhood do we want to live in.
How many bedrooms etc. do we actually need.
Have we got a down-payment or a deposit saved.
If I, or my partner loses their job will I still be able to make the loan repayments.
“Buying first home” questions you may decide to ask of the professionals might be:
How much will you lend us to buy our first home.
How does a settlement take place and who does it.
Is the house we’re interested in, structurally sound.
How do we make an offer and what do we do if a counter-offer is put to us.
Are there caveats or notices on a property that we need to be aware of.
Will buying a house put us under too much financial strain.
What are the expected growth patterns for the area we want to buy into.
What are the historical growth patterns.
When you enter that “buying first home” mindset, the more relevant questions you ask, the better you will be equipped for entering the property market with clear goals and options. You are less likely to be taken advantage of, and you are more likely to be successful in your “buying fist home” hunt.
