First-Time Home Buyers: 4 Key Tips for Navigating the Real Estate Market
That first home. It feels like a dream, right?
Then, you begin the process and discover there are even more steps than you anticipated and before you know it, it’s starting to feel more like a nightmare.
Fear not! Elite New Homes Melbourne has provided you with a roadmap and our four essential tips, navigating the real estate market as a first-time buyer is a little easier to manage.
Tip 1: Decide on your budget
Know your financial boundaries. It’s a key tip to finding a home that will bring you joy instead of a headache. Stop imagining pristine granite countertops and high-end roller shutters until you get really real about your available cashflow. Work the numbers, check them, and check them again. Technology is amazing, so utilise it. Based on your income, debts, and expenses, online calculators can help determine what you can afford. Don’t forget additional costs like property taxes, insurance, down payment, closing costs, etc. A tip in this tip is that your budget must consider if you are buying property and building from scratch or if you are going for an established house. The latter may need renovations and upkeep. Take your time with this because it’s better to list the smallest things than to miss the big ones.
Tip 2: Lock in a Home Loan pre-approval
Pre-approval is where it’s at. How awesome would it feel to finally connect with that ideal house and land package and be able to hand over a letter that says, yes, you have secured the funding, we can do this, today? Amazing, right? That’s what home loan pre-approval gives you. When you make an offer, sellers know you’re a serious buyer with financial backing. So go secure that pre-approval. Set aside a moment to gather essential documents such as payslips, tax returns, and bank statements. Then, proceed to your chosen lender. After evaluating the information, they will ascertain the amount they can lend you and provide you with a pre-approval letter. Then, you’ll be ready to make offers with confidence.
Tip 3: Connect with a real estate agent
At Elite New Homes Melbourne we know the first time home buyer experience can feel daunting,
but we’re here to tell you with certainty that you don’t need to go it alone.
Find yourself a reliable and experienced real estate agent to serve as your navigator.
When selecting an agent, we recommend seeking out someone familiar with first-time home buyers.
That way, they’ll be aware of some of your requirements and worries, perhaps even before you are.
A fantastic agent will listen to you and your wishlist. They’ll negotiate on your behalf to secure the best deals. They may even find you a hidden gem!
Tip 4: Organise a pre-purchase House Inspection
You’ve found it! It’s perfect. The offer is in and you are on your way.
The champagne is ready. But, wait! There’s one more thing you must do.
The house inspection is crucial so don’t even think about skipping it.
You never know what hidden issues lurking beneath the surface they may uncover.
You can save yourself from potential heartache and stress by hiring a qualified house inspector.
They’ll go over it top to bottom and evaluate the property for any red flags, from leaky roofs to faulty wiring.
With that report, you can negotiate with the seller to address any issues or adjust the purchase price.
It’s no small undertaking you’re on, but we’ve got you. With these four tips for first time home buyers, you are prepared. So surround yourself with professionals at Elite New Homes Melbourne who know what they are doing. While they do their thing, you can focus on the more important things. New home in your near future? Give us a call at Elite New Homes Melbourne, we’d love to help get you in your perfect forever (or for now) home.