Tips for First Home Buyers!

Do your homework!!

• Obtain pre-approved finance for a loan so you know exactly how much you can spend before you even begin your search. Having a pre-approved loan means you will be ready to act immediately once you find the right property and there will be less chance of someone else beating you to it. Make sure you have your pre-approval in writing from your lender.

• You may have fallen in love with a property but be sure to do your research before getting too attached or making an offer. Important factors to consider when determining what you are prepared to pay include the position of the property, the size (how much property are you getting for your money), the condition and if any upgrades are necessary and future capital growth potential.

• Understanding the real estate market you want to buy in is the key to successful buying. Before making any final decisions, seek professional advice from somebody that has nothing to gain from you buying the property. Websites like www.apm.com.au, www.rpdata.com.au, www.ljhooker.com.au, www.realestate.com.au offer fantastic resources when researching the property market.

• Understanding the practicalities of buying a home and the sales process prior to making an offer or bidding at an auction can also help your chances of finding the right property sooner. It is a good idea to read up on how auctions work and tips on bidding, the same goes for making an offer on a property for sale, It is also worthwhile speaking to friends and family members about their home buying experiences.

• Creating a list of all the properties you have seen helps to keep track of what you’ve looked at, the features of each property and the asking price. Noting down everything from the number of bedrooms, parking, condition, agent’s details, asking price plus services and facilities in the area will help to paint a clear picture of each property. This is also a good way to compare the pros and cons of each property and what you may need to compromise on.

Email me at etrezise.leeming@ljh.com.au for a property comparison form! This will help you keep track of the properties you have viewed and their pro’s and con’s.