Thinking about buying a house in NSW? If it’s your first time, it can be difficult to know where to start. That’s why we created this helpful checklist to guide you through each stage of the process! You’ll feel more confident than ever about beginning your journey to finding your dream home.
Assess Your Finances
Almost everyone needs a mortgage, also known as a home loan, to purchase a home. To take out a mortgage, you’ll need to find someone willing to lend you a large sum of money.
Assessing your finances is critical to acquiring a mortgage. You want to make sure that a mortgage lender has no reason to decline your loan request. You can improve your chances of obtaining a mortgage loan by paying down on your debt, never missing bill payments, and increasing your credit score.
Determine Your Budget
Once you have a good idea of your finances, you should have the information you need to create a budget. Having a set budget is crucial when looking for houses, as it can significantly narrow your search. Why waste your time looking at homes outside your budget?
If you’re not sure how to determine a proper budget, we recommend finding a helpful online calculator. The information you’ll need to get an accurate answer is both your and your partner’s (if applicable) net annual income and a list of your regular monthly expenses. Ideally, you want a debt-to-income ratio under 36% once you consider the estimate of your monthly mortgage payments, homeowner’s insurance, etc.
Speak to a Mortgage Lender
Speaking to a mortgage lender before looking at houses is ideal. This will give you an opportunity to ask any questions you may have concerning interest rates, credit scores, possible terms, and more. You can also ask your preferred mortgage lender for a mortgage pre-approval, which gives you a better idea of how much you can spend on a new home.
Hire a Professional NSW Realtor
Hiring an experienced NSW realtor is a must, whether you’re buying a home or building a house and looking for property. Real estate agents have so much to contribute. With their negotiating skills, market knowledge, and connections, they’ll ensure that you find a fantastic home and pay the best possible price.
Begin Looking for Your Dream Home
Time to look at houses! Your real estate agent can help immensely with this step, but feel free to do some searching on your own if you’re curious about what’s out there. Before you or your realtor begin looking, it’s important to create a list of your wants and needs. This will help you both in eliminating homes from contention.
Make an Offer
Once you’ve found the one, your realtor can help you make an offer on the house. They’ll advise how much you should offer and may even be able to negotiate to get you the best possible deal. After your offer is accepted, you’ll need to call your lender to proceed with the mortgage application. You’ll also need to find an insurance company to obtain homeowners insurance coverage.
Contact an NSW Realtor Today
The closing process to follow has several steps of its own, as you’ll need to sign piles of paperwork, arrange a house appraisal to determine the house’s value, and much more. Your realtor can help you navigate this process as well. With their knowledge and experience with house sales, they’ll ensure that you have a low-stress experience in finding your dream home.
