First and foremost, congratulations on taking that first, pivotal step in buying your own home by reading this article. Following are some top tips for buying your own home, regardless as to whether or not you're a first home buyer.
1. Saving up for a deposit
Save up as much as you can. Remember, if you're self employed, you might need a 20% deposit to buy your own home. There are other costs that come with buying your own home, including but not limited to the following: stamp duty, legals, mortgage fees and insurance, furniture and travel fees to attend open homes to name.
2. Know your borrowing capacity
It is helpful to have your finance pre-approved prior to doing any further research, and prior to attending some open homes. The number of open homes you need to attend depends on you and your borrowing capacity.
Know whether or not you can afford it
3. Newer versus older properties
Personally, I am a fan of older homes. Why? You have better negotiating power with real estate agents and banks. With older homes you're not paying retail, and in an older home, there are always areas for improvements. With off the plan home purchases, although they're quite popular, the problem is you're buying your home sight unseen, and you're solely relying on floor plans. After all, you're the one that's going to be living in it.
4. Motivated vendors and making your offer
The best deals come from those vendors who are motivated to sell for a number of reasons, and this category of sellers are not limited to the following circumstances:
A run down (almost unliveable) home in need of significant repairs and/or cosmetic renovations;
Mortgagee in possession/financial stress;
Vendor moving interstate or overseas, and who does not want to; does not know how to, and/or perhaps does not exude any self confidence to rent out their own home.
Houses near schools are great for families with young kids. Always.
Don't be afraid to make your offer. If the real estate agent tries to be difficult, or says something along the lines of "the vendor won't accept your offer," be firm with them. Remind them that it is their job to pass on your offer to the vendor. The choice of whether to accept your offer or not is the vendors, and you might be surprised.
Read your offer and the fine print carefully. The first page of a standard contract of sale to be signed by both parties.
5. Location. Location. Location.
Many people (families in particular) want a home that is close to shops, schools and transport. It is also important to research and find out what current and future infrastructure works are happening in the area.
Homes close to public transport without the noise are ideal
All the best in finding and buying your ideal home.