First Time Buyers

First Time Buyers

5 Tips First Time Buyers Should Consider When Buying A House

Buying a house for the first time can be very confusing but with LJ Hooker we make the process as simple as possible. First-time buyers can rely on our local knowledge and experience every step of the way. If you are looking to get on the property ladder then contact us for first-rate service. 

What Type Of Home Do You Need?

The first thing you should consider when buying a home is: Does it live up to your expectations?

You’re making a purchase that will take a considerable amount of your finances. It will also take time to complete the payments to pay off your mortgage. This is a long-term commitment that you want to make sure you’ll be happy about in the long run. 

So, before buying a house, ask yourself: “Will I like it enough to live in it?”

Come up with a list of what you’d like in a house. Do you want a beautiful kitchen? A large living space area? Spacious bathrooms complete with a bath? Or would you rather live like a Spartan and choose a more modest home? 

Remember to consider your budget at all times. Price tags attached to houses continue to rise on a consistent basis. So, you may not get everything on your list right now, but you can always work your way up until you get it.

Buying a house is just as much an emotional purchase as it is a practical one, make sure you put these things into consideration.

Take Note: Other factors, like proximity to work and school, should also be put into consideration as well as the distance from your house to essential places like the grocery store or the mall.

Do Your Research

Once you have a pretty good idea of what you want, it’s time to move on to step 2 which is doing your research.

Now there are various ways to do this.

You can physically scope out places you’re interested to live in, read local papers, talk to real estate agents or companies to get information about their inventory or take the easier route: use the power of the Internet to find your dream home.

Make sure you include getting info about the place around the vicinity of the house you’re buying. A 100-kilometre radius should be a good area to make a good judgement if you’re making a good purchase or not.

Make sure to make considerations about your daily commute from your house to your office, the supermarket and other places for supplies and recreation.

You basically have to get all the details you need to make a proper decision before making the jump to purchase.

check budget for buying a houseCheck Your Budget

You now know what you want and you have all the information you need to make a good decision. Now all you need are the funds to secure the purchase of your house.

Initial assessment of your budget can be done by taking into consideration your gross monthly or annual income and determining your net from there. You should include in your gross income all other profit generating streams you have. This includes commissions, bonuses, inheritances, profit from shares and mutual funds. 

From your net income, assess how much you are willing to set aside for your mortgage. Make sure to include allowances for your monthly living needs and other miscellaneous expenses.

Ask For Professional Help

Buying a house is a huge commitment and getting all the help you need is crucial to making the best decision. In this case, you don’t just need regular help. You will need to ask for professional help.

Your real estate company can help you secure funding through in-house or through the help of financial institutions they are affiliated with.

You can also get professional services by checking local ads within magazines, newspapers, the Internet or word of mouth. 

Asking for advice from your bank or an independent certified mortgage broker can also help clear up any questions you may have about securing funds.

Secure Financing

Not everyone has liquid assets. Buying a house requires a large amount of money.

There are many financial institutions that can lend assistance to first time buyers. You will have to shop around before you find the bank that can provide the best deal for you.

It doesn’t necessarily have to be your regular bank as there are many other banks looking to entice first-time buyers to open accounts with them. You can get expert advice from a certified mortgage broker.

LJ Hooker is one of the most established real estate companies based in NZ and Australia. We have helped connect thousands of first-time buyers and sellers throughout our tenure as one of the most trusted real estate companies in existence today.

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