Getting to the stage where you are ready to buy your first property is a massive moment, and an empowering one at that, if you’ve done your homework.
It may seem overwhelming at first, but with the right approach, careful planning and clever budgeting, you can find your dream property and be able to afford it too.
To help you get started and on the right track, take a look at these seven tips for property newbies from Devmco Realty:
- Location, location, location: Also known as the Three L’s. There are three micro locations that define the actual location of a property on a macro level. If the property you want to purchase is in an estate for example, you may want to find out what area of the estate it sits in and what that actual area provides, such as a good sea views, etc.
- Financial stability is key: Get your credit card payments and debts in order to help improve your credit score rating and to make your monthly payments more manageable.
- Know your budget: Establish a realistic budget to determine your affordability and factor in the potential of an increase in interest rates and electricity rates to ensure that you have a bit extra available just in case.
- Find a trustworthy real estate agent: This is the person that will assist in picking out your potential home and exploring your new neighborhood and is also responsible for scheduling tours and negotiating important contracts on your behalf. Ensure that this is someone you trust, to have your best interests at heart.
- Get a pre-approval letter before you start shopping: This will help you have realistic expectations on what you can afford and will make the seller feel more confident in your ability to buy.
- Be mindful of transfer and closing costs: First-time buyers usually forget to factor in these costs. Doing your homework is a vital part of house hunting to prevent any nasty surprises along the way.
- Create a budget and try to stick to it: You want to enjoy the process and not put yourself under too much financial pressure. Do as much research about costs and try to have a bit extra saved up so that you don’t push yourself to the limit.
Want to know more? Tune into Your Key To Property on East Coast Radio for more expert advice on all things property.