Tips For A First Time Home Buyer

First-Time-Home-Buyer

If you are a first-time buyer or looking to buy a home, buying a home can be a tough task at the same time exciting too. It is a big decision that will make a huge impact on your finances. Before you land up buying that home, you have a lot of homework to do. With that, you will be able to purchase homes like Marina One who is not only affordable but also a great one to stay. Experts at www.realestate.com.au suggest that that first step to buying is learning about your credit score and options in the mortgage.
Below is a list of steps before you begin hunting for a house. Some factors are worth considering for budgeting like:

Your budget
Buying a house is a large transaction, and hence you need to fix a budget before you start looking for properties.

Your income
The value of any other property or asset that you may own
Any debts in cash or credit card debts which will take up a significant portion of your income
Any cash deposits which can be used for a mortgage in case you need one.

It is worth looking into all your financial assets and liabilities and concludes how much you should be spending on a new home. A financial advisor’s help can also be taken to assist you with budgeting. There are many mortgages that you can choose from but look for one which lends at a considerable rate.

Your requirement
Your budget will most definitely dictate your requirements from your new home. You will have to decide on the type of home you want to own; it can be a flat, townhome, cottage, bungalow, etc. If you are not sure of what you want to buy, look at some of the properties, size and style in the locations you are targeting to buy. A flexible approach while the purchase of a house always helps and you should be open to accepting suggestions as they might come in handy.

Location of your home
There are many factors to consider while picking the location of your prospective home. It can be based on proximity to your workplace or kid’s school or accessibility to major shopping places or restaurants, public transport, etc.

Property Specs
After you have decided on the budget, location and the type of home you want to buy. The next thing to think about is the specifications of the property as in what do you need in that house based on your lifestyle. The main requirements that should be considered is whether you plan to buy a new one or an old one, the number of bedrooms and bathrooms, size of the kitchen and living room, garage and parking, exteriors, etc.

Ways of searching property
Once you have decided on all the things mentioned above, searching for a property can be done in many ways like online search can yield great results, classifieds in newspapers, Real estate agents and property search agents.