When you're preparing to buy a home for the first time, you may find that there are a lot of ups and downs in the process that you didn't expect, and all of them can come together to complicate your purchase if you're not fully prepared.
With that in mind, it's helpful to understand the process from the perspective of those who have gone through it. What do they wish they knew then what they know now? Read on to find out:
1) Know the interplay between budget and features
People will save huge amounts of money to buy their homes, but there is sometimes a disconnect between what they think they can afford and what's actually feasible, according to Domain. Especially if there's significant competition in the area you're looking to buy, you may have to separate out what features are must-have and what's nice-to-have, and get a real understanding about how each will affect the final sales price.
2) Will there be costs you didn't consider?
Likewise, you may not be fully prepared to face the many costs that come with homeownership, including fees to settle the legal process, lenders mortgage insurance, ongoing upkeep, higher utility bills, homeowners insurance and so on. You need to get the full picture of the true cost of owning a home before you commit to any property.
In addition, if there are a number of potential buyers, you may also have to increase the size of your bid to get the home you want. As such, you may have to differentiate between what you would prefer to pay for a home, and exactly how much you could reasonably afford.
3) Working with the right agent will be critical
While you may be going through a home purchase for the first time, the agent you choose to work with has likely completed a huge number. HGTV pointed out that having an agent by your side every step of the way will be vital, because they've seen it all and can adequately prepare you and answer questions about everything that comes your way.
With that in mind, you need to be confident that you have made the right choice when it comes to finding a buyer's agent, one who has plenty of experience closing sales from both sides of the transaction. At Ray White Surfers Paradise, we fit the bill and are ready to help you navigate through all the ins and outs of the homebuying process. Get in touch with us today to learn more about what we can do for you.