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Best tips for first-time homebuyers

By Andrew Bell

When it comes to buying a house, the process entails many different components to make the final deal come to fruition. This holds true even for people who have experience purchasing a large asset like property. But, purchasing real estate can be even more confusing for first-time home buyers. However, there are a few simple tips that can make the entire ordeal a little easier to manage. 

Find the right mortgage for you

For a first-time home buyer, there are several different loan options that are available that make sense in different situations. Every person has a different financial circumstance that should inform their choice in a mortgage. Once you make the decision to buy a house, there are more choices around the corner that should be weighed carefully. Here are some of the components to consider:

  • Principal & interest-only loans: With this choice, you will pay a part of the principal as well as the accrued interest.
  • Interest-only loans: For interest-only loans, you will only pay back the interest for a predetermined period of time. This is usually not the best option for first-time borrowers.
  • Fixed-interest payments: As the name suggests, this choice has a set interest rate during the predetermined period which makes payments reliable.
  • Variable-interest payments: On the other hand, this choice has a rate that changes depending on real-time market conditions and rates.
  • Specific loans for first-time home buyers: Most financial institutions offer deals for those who are first-time home buyers, which can include dropping some fees, interest rate discounts or low initial deposits.

Because there are so many different mortgage options available, it's best to partner with a trusted financial institution to help guide you through the process. These people can help you understand which choice makes the most sense for your specific situation.

Home inspections are necessary

Take the time to ensure that the correct home inspections are applied to the property. A home inspection is when an expert assesses the house for correct functionality — from the structure to the mechanics.

The results can help you make the most informed purchase decision, based on the knowledge that the inspectors give you. While the real estate company may pay for some inspections, you may have to pay for additional experts to look at the property and it is a good idea to do so.

Work with experts

Even for those who have purchased a house before, the industry can be confusing and hard to understand. This may be especially true for someone who is dipping their toes into home ownership for the first time.

Because of the naturally shifting nature of the housing industry, it can make a huge difference to work with people who understand the ins and outs of the market. The right real estate agent can guide you through the process and make sure that you find the first house of your dreams.

Are you ready to get started? Reach out to the professionals at Ray White Surfers Paradise today.

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