Buying your first home can come with a lot of surprises — some bad and some good. Even with a fantastic realtor, you can still run into a few problems if you’re not prepared. These problems may be related to your financial situation, the state of the house, issues with the neighbourhood, and more. Thankfully, you can avoid the curve balls that come with buying a house with these helpful tips!
Determine What You Can Afford Before Shopping
Feeling eager to start visiting potential homes? Before you get too far ahead of yourself, you should first determine what you can actually afford. That doesn’t just mean what mortgage loan you can acquire — it’s also about what monthly house payment you can realistically manage.
A house payment will include principal, interest, taxes, and insurance. When looking for homes, you should avoid properties that are at the very top of what you’re approved for. Otherwise, you could end up in a stressful financial situation with your mortgage payments down the road.
Shop Around for the Best Mortgage Loan
Speaking of mortgage loans, you shouldn’t necessarily go with the first mortgage company recommended to you. Take the time to shop around and get information from different companies. Eventually, you’ll be able to track down the best deal, which could end up saving you thousands of dollars in interest.
Inspections Are a Must
Buyers overlook inspections all the time, namely those buying a home without a realtor. The truth is that inspections could save you thousands in the long run on repairs. Thankfully, a realtor can easily set up a general, termite, plumbing, and HVAC inspector depending on the home. They can also reach out to specialists if you’re buying a particularly old home with unique features like a chimney or a furnace. If the home is in need of repairs, your realtor can negotiate with the seller to get them taken care of.
Don’t Forget About Property Taxes
Learn about property taxes in the area and whether they’re falling or rising. If the home you’re looking at is in an area where property taxes are increasing, your house payments could end up being much more expensive than you initially expected.
Drive By To Investigate the Neighbourhood
If you’re seriously interested in a home, drive by the property on different days at different times. This will give you some insight into how loud or quiet the neighbourhood is and what the neighbours are like. You can also test-drive your commute to see what traffic is like.
Make Better Choices With Expert Advice
The best way to avoid these common issues is to hire a realtor. Our professional real estate agents can help you through every stage of the buying process in NSW, whether you’re looking for a home or property for building a house. They can give you insights into the neighbourhood, arrange inspections, research property taxes, and much more.
Our realtors can also assist you with all things house sales, from meeting with buyers to scheduling a house appraisal to determine your house’s value. If you have any questions, please don’t hesitate to reach out.