Ryder Real Estate Melton
319 - 321 High St Melton
03 9743 6400
03 9743 6684Contact us
I think the best way to reach the goals that you have set in your head is to write them down. Get a bit of paper or a diary and write down what you hope to achieve and give yourself deadlines.
Do you hope to purchase your first home by next Christmas? Write it down and then list steps you will need to take in order to reach that goal.
Ask yourself questions then write down the answers.
What type of home would you like to own, an investment or a place to live in? It may be a better option to choose to purchase your first home as an investment. This is usually a good idea if you are still living at home. Having the property tenanted and paying off a large lump sum of your mortgage while at home can be a great first and smart step in the property market.
Where do you want to live? Perhaps it is close to family and friends, or perhaps you would like to move to the country or city. Whatever it is, if you are planning to live in your first home, you need to figure out which area best suits you.
Which area would you like to live in? Do some research on different areas, pop the areas name in google and see what comes up, or perhaps when driving by pop into the local café and ask about the area. The last thing you want to do is buy a home in an area where you really dislike.
How many bedrooms are you after? Decide if you will be looking for a 2, 3 or 4 bedroom home. If you are moving out on your own, a huge 4 bedroom home probably will not suit. If buying with a partner maybe it wouldn’t be a bad idea to have a property with more bedrooms. As usually the more bedrooms, sparks a larger audience interest when re selling.
How much will you be able to spend on a property? Note down how much money that you earn per week and try to figure out realistically, how much you will be able to pay per week on your mortgage.
I find that it is a great idea to note any thoughts, or questions you may have on the road to that first big step in buying your home. The reason for this is that it is more likely you won’t forget to action the ideas that you have.
Step 1: Is now the right time for you to buy, personally?
Buying your first home is a huge step and it is probably one of the biggest things that you will ever invest in. Because of this huge step, you need to do as much research as possible to ensure that everything goes to plan. Use the above questions to decide whether now is the right time for you to buy!
Step 2: Speak to a financial advisor
Speaking to a financial advisor should be on the list of your must do’s! A Home Loan specialist or financial advisor will ask you questions about your income, other loans you may have, what your plans are for the future and what your goals are. After gathering information from you, they should be able to give you a very accurate indication of what kind of homes you will be able to afford. It is important before looking for properties to speak to a financial advisor, so that you don’t waste time looking at properties that are not in your budget.
Step 3: Consider extra expenses
Don’t just think of the price tag of your home, buying a property may cost you an extra $10,000! You must consider your lenders fee, which may be around $1,000.00. You must pay stamp duty as well, will vary in what you have to pay depending on the value of your home. For a home of $300,000 expect to pay $6,670 on stamp duty costs.
Click the following link to work budget for how much stamp duty you will be paying
You must also pay legal fees. A conveyancer will charge on average $1,000.00 for their services. Other fees in which you must consider are your insurance, moving costs, possible renovations, council rates and strata fees.
Note: Being a first home owner, you may be entitled to a bonus. Click on the following link to see if you are eligible
Step 4: House Hunting
Now comes the fun part, looking for your new home! Refer to the notes you have made previously in your diary and also make a list of specific features that you want/need in your home.
If you are pressed for time, jump on the net and bring up properties that fit your budget, then make times to view the properties. Make sure you ask if the properties are vacant or tenanted, how old the property is etc. Try and find out as much information as possible about the home.
It is also a good idea making a time to visit your local real estate agents and even if they do not have a home that suits you, leave your name, number and exactly what you are looking for in a home so that if something does come up in the future and you have not yet bought, they can contact you.
Step 5: You have found your dream home!
Now it is time to make an offer, your finance should be sorted and a finance approval should be on the cards in the next few days. Don’t get too excited if your offer has been accepted. Until the contracts are signed by both yourself, the vendor and returned to the agents selling the property than neither you nor the vendor are legally bound to the sale.
Once contracts are exchanged, then you can start celebrating!
It is advised that you ask for a building and pest inspection to be conducted. This would mean that the property would be subject to a building and pest inspection. If the inspection is a pass and your finance is good to go, then the property will become unconditional.
Building and pest inspections will determine whether the property has any insect infestations or building infrastructure defaults that may cause significant damage to your home in the future.
Step 6: Moving Day
Once the property has settled, (refer to the below link on settlement information)
you can grab the keys and move in! This can be both a very exciting and stressful time, but you finally did it! You reached your goal and now it is time to enjoy your new home. It doesn’t stop there though, now you will have to make sure that you are budgeting accordingly to paying of your mortgage!