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How to have success buying your first home

By Andrew Bell

Are you thinking of buying your first home? Perhaps you have been saving for several years, getting ready for that big commitment. Your dream home could be within reach if you follow certain steps very carefully:

Check your finances

Do you have funds for a down payment? Typically this is about 20% of a home’s list price, but it can be far less — around 5% — for first-time homebuyers using specialised home loan options. You’ll also need additional funds to cover other closing costs and stamp duties.

Decide whether to buy or build

Are you looking for your “forever home,” or is this meant as an investment property down the line? Knowing your long-term plan will make it easier to picture the properties you view within the context of that purpose. You may find that building your own home gives you everything you want if you’re buying for your own future, but if you’re just trying to get on the property ladder, buying is probably a more effective choice.

Look for assistance

First-time home buyers may be eligible for for financial help like stamp-duty exemptions or other government programs like the First Home Owner Grant (FHOG) and First Home Super Saver (FHSS) schemes. The right lender will point you in the direction of a loan that will provide you with the best deal.

Get pre-approved

Pre-approval for financing means that your lender gives you the go-ahead to make an offer for a house based on your financial situation, objectives and needs, with the expectation that your loan will ultimately be fully approved. You may need this letter at auctions if you plan to bid on a home, and also to show home sellers you are serious about wanting to buy.

House-hunt intelligently

Do your research and visit the areas you like almost daily and at different times of day. Check our schools and transportation, and ask for an inspection as early as possible.

Make an offer

Meet with the sales agent to prepare a formal written offer, including your pre-approval letter, Once your offer is accepted, things will move fast, from concrete loan approval to property valuation, to conveyance and settlement. Your lender will send you the contract documents, which will need to be returned with your signature along with all applicable insurance paperwork. Once the contracts are verified, the settlement will be booked and the inspection date set, and at settlement, you’ll be able to pick up the keys to your new home!

The key to a successful home purchase is to have the right people help you along the way. Contact Ray White Surfers Paradise and speak with an agent who is ready to help you find your dream home.

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