It is always seen the first homebuyer is usually at a disadvantage as it is clubbed with intense emotion of buying first home and inexperience. In fact all these is like a recipe for disaster. To safeguard your hard earned money not overspent or wrongly spent, we will discuss in this article some basic, yet important, tips to help you buy first home peacefully and also to remain peaceful after buying too.
Don’t tell property agent too much
Probably you may be dealing with one such agent who is a great person and you are well convinced the way he or she spare you the hard sell. However, it is very important to understand the loyalty of the person is not to you. The person works in the interest of the seller and the first job is to sell the house at maximum value.
The agent will always try to find out how much money you can shell out by asking innocent questions like your likes and dislikes, and how much you are willing to spend. The person will also work out to know whether you are a serious buyer.
Know value of property
Those who are first time home buyers usually waste months and even years attending auctions and missing other buyers. Amid such scenario the prices of property rises and probably it would become tough to keep track with the savings. One may also not know how to price property properly.
It is suggested to make a research to what similar properties have sold for earlier and also to know that you don’t need to rely on what the agent says. You need to attend auctions to look at what homes are selling for in the areas you are looking to buy. Even search for similar properties online.
Understand mortgages and money properly
Pay attention to the details of mortgages as if you are not properly aware of it you may land in big trouble. If you are first time home buyer, you may not properly understand the additional expenses like the stamp duty, mortgage insurance and solicitor fees. Don’t get tempted in cutting back on professional advice to save money. It is suggested to get a good solicitor who will be able to carefully look at your contract and find out such points that may turn a good property into a bad property like problems with body corporate or heritage overlays.
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