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top tips for first time homebuyers

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blog_soldYour first home purchase will surely be an exciting and stressful experience. A few tips and hints can help you navigate one of the largest purchases that most people ever make.

Finance Tips

Before you begin searching for a home, plan a budget that includes an estimate of your future mortgage to make sure that you’re comfortable with it. You will owe a mortgage stamp duty on your home loan, so add the extra expense into your anticipated budget. Don’t buy a home that you cannot afford, and check to see if you qualify for the First Home Owner Grant NSW. Other first home purchasing incentives may be available to help you.

After making the decision to buy a home, save the largest deposit that you can. A large deposit is beneficial for two reasons. The first reason is that prospective lenders will see it as a positive step, which may help you secure financing. The second reason is that a large deposit will decrease the amount of interest that you’ll wind up paying on the loan. Be sure to negotiate the fees with your conveyancer or solicitor as even set fees are open to discussion.

The lending company will need confirmation that you have arranged home insurance. You should also think about insuring the contents of your home before moving.

Buying Tips

In the Wagga Wagga area, you can buy an established home, or you can build a new residence. There are advantages to either option. The benefits of buying an established home include landscaping since you’ll probably be moving into a residence that has grass, trees and flowers. In addition, the area is more likely to include parks, shops and streets as well as walking paths and shops. With a newly constructed home, you will have the chance to own a residence that includes your favorite features. Furthermore, you can choose your home’s paint colors and style.

If you select an established home, then make sure  you order a building and pest inspection. It’s also a good idea to check the housing prices of similar residences in the area. With new home construction, review the area’s future building plans to verify the structures that will be going up around your residence.

Wagga Wagga Demographics and Community Characteristics

• Median home price $322,500

• Yearly capital development is 4.34 percent

• Median annual personal income is $30,212

• 26.8 percent of the area’s homes are owned

Final Considerations

The home buying process can be overwhelming. Always make sure you get some expert advice beforehand. However, for most people, the decision to buy a home is a responsible one. Once you buy a home, you’ll have a solid financial investment and a place to call your own.

First Home Buyer Grants

To make the process of buying a new even more appealing the Government has a number of grants available. Conditions apply, you can read more about it here.