First time home buyers may feel better to know they are not the only ones who feel confused about the home buying process in Australia. Almost every home purchaser feel the same way, regardless of the possibility that they purchased a house previously, in light of the fact that it is anything but difficult to overlook the steps of buying the home that you took to arrive once the event is behind you. Before you begin, get educated on the laws and government home/property buying regulations. Relatives or friends living in another state may have some great general advice for you, however chances are the process is altogether different in their general vicinity, so avoid a mistake of depending exclusively on their recommendation to settle on vital decisions.
If this is your first home purchase time in Australia, here are a few tips that might be helpful.
- Seek help from a real estate investment consultant.
Some things you can do alone, but not real estate investing, especially if this is your first home purchase. One can give you honest advice and real estate offer a number of services, including locating the right property for you, analysis of the current market situation, the evaluation of the potential profitability of a particular property and help you create a strategy. A real estate investment consultant is not a sales person who has his own agenda and profit at stake.
- Work out your budget.
Some first time buyers are not realistic about their investment. They buy properties they cannot afford themselves and their unreasonably stretching budgets accordingly.
Avoid this pitfall by working on your budget before hand, then setting a realistic goal based on what your income can afford. Calculate how much you can afford to pay to pay for mortgage by deducting all your monthly expenses from your total monthly income.
- Take advantage of the first homebuyer grant.
The Australian government has made home-ownership easier for first time home purchasers through the First Home Owner Grant. The scheme provides eligible citizens $ 10,000 grants for buying a new home or build their home. You can visit the Revenue State Bureau website to find out whether you qualify and for information on how to apply.
- Choose your home loan and your lender carefully.
Once you sign above dotted line, your home loan will be a part of your monthly budget for most of your working life. So make sure it meets your current and future financial needs. It helps to remember that a home loan with a too-good-to-be-true interest rates will not necessarily be the best product for you. Talk to your real estate investment consultant about your financial needs. He can recommend you lenders who will understand your needs and trust you.
- Leave your emotions at the door.
Making your buying decision in the home buying process in Australia based on your emotions can not be avoided sometimes. It is natural that you will focus on aspects of the property that make you feel better, like how it looks and how it will keep your family safe and happy. But the problem with this is that you might forget to consider your practical needs and ignore the major defects or buy something that is beyond your budget. Thus, during the house hunting, make sure you leave your emotions at the door and think with your head while familiarizing with laws and government home/property buying regulations. This may well save you emotional and financial headaches.