If you’re a first time home buyer you’re probably going to feel overwhelmed and find the entire process a little daunting. There is a lot you need to know before you can buy your first home, let alone know if you’re ready to buy a home.
The most important thing before buying a home is plenty of research. Research is what will allow you to make a smart and educated decision. If you do this first then you’ll feel much more confident buying your first home than what you otherwise would.
- Do you have a substantial deposit amount?
You need to have a substantial deposit if you want to buy a home. In fact, many banks won’t even loan you money if you don’t have a substantial amount for a deposit. Think about how much you’re willing to spend to buy your home and make sure you’ve got at least 20% of the purchase price. This should be enough to cover any initial costs and secure your home loan.
- Do you have solid employment and a savings habit?
You’ll find it a lot easier to get a home loan if you can prove that you have a steady job and a good employment history. Banks want to loan money to home buyers who they know can service the loan.
- Do you have additional savings?
This isn’t a prerequisite for buying a home. Your deposit should be enough for you to take out a home loan. However, having some additional savings is always a good idea. It doesn’t even need to be a savings account either. Perhaps you’ve got other investments like stock market investments that could be used in time of need. All these things serve to give you and the bank more peace of mind when you apply for your loan.
- Get a home loan ideal for you
Getting a home loan is no laughing matter. It’s important you do a lot of research and make sure you’re getting a home loan that is perfect for you and your unique circumstances. Make sure you consult with more than one bank as well. Always evaluate each of the offers you get and then decide what one is best for you and your family.
- The area you want to buy your home
Where do you want to buy your home? There are many places in Brisbane where you can buy your home. At Madeline Hicks we have local knowledge on Everton Park, McDowall, Stafford Heights, Stafford, Kedron and more. Make sure that the area you want to buy your home in is suitable for you and your family because this is a long term investment.
Buying a home for the first time can be both an exciting and nerve-wracking affair. Hopefully, our tips above will make it a bit easier for you. Feel free to check out “Madeleine’s Powerful Buying Strategies” as well if you would like further content regarding buying your first home.
Give Madeleine Hicks Real Estate a call today on 07 3355 6845 to find out more.