Things You Should Do Before You Make Your First Home Purchase

Making an investment is a huge decision that many of us must carefully plan and consider. Whether you are buying your first home or making some upgrades, or even if it's a property investment just for business purposes, there are things that you must know about the whole process.

The buying process has stages that you need to go through. Before getting to the finish line, it's essential to take each approach seriously in order to make better judgments and avoid unnecessary expenses that could lead to a very stressful journey.

Preparing to buy
Making that first big purchase is definitely an exciting time in one’s life. However, it’s important to prepare for this purchase by setting a budget. The factors that can influence your budget are the following: the size of your budget, how much you can borrow, the size of debt you are willing to take on, and the upfront costs you are ready to pay. Ask yourself these questions, and if you find it challenging to figure out the answers, you should talk to a mortgage broker to guide you. Once you feel comfortable with the idea of looking at properties, it's time to apply for a home loan pre-approval.

Figure out what you want
You have to decide what you want to see on your property. Consider the number of rooms you need plus the type of property you want to own. More importantly, where you want to look for your property. Consider the transport options and their proximity to amenities.

Finding your property
When you’re ready to start looking for a property, you can check out properties using websites or communicate with local agents to help you with your search. It’s important to let them know what type of property you are interested in so they can help you narrow down your choices, and from there, you can make a shortlist.

Doing inspections
One good way to visit the property or properties you are interested in is to do it during open-home inspections, so you can determine which property suits your preferences or needs. These inspections are typically done for 30 minutes during the weekends, so you have enough time to inspect the property. Make sure to have a checklist of your must-haves and, most significantly, the things you don't want on your property. This is an excellent opportunity to take pictures of the rooms and take note of any damages or potential vulnerabilities of the property. Ask the agent some crucial questions about the property, such as the inclusions and how long the seller lived there.

Doing your due diligence.
Due diligence is important as it refers to the essential checks you do before you purchase a property. You don't want to make hasty decisions, so this is important so you don't have to regret the enormous purchase you are about to make. Doing due diligence typically includes reviewing the strata report, reviewing the contract with the help of a solicitor or conveyancer, and lastly, rechecking the contract and proposing necessary changes.

Buying your home
Suppose you have done everything necessary, such as making the inspections, reviewing the contracts, and having a home-loan approval in place. In that case, you can now make offers or bids at auction. It can be stressful to decide how much your offer will be because of the current market condition, the competition, and your personal circumstances. You can follow tips and tricks before offering or bidding at an auction. You can do your proper research regarding the cooling-off period, termination fees, and settlement periods.