Are you ready to become a homeowner? Being one involves a lifestyle change that comes with various responsibilities, such as mortgage obligations. But if you have been considering it for some time, here’s to make your homebuying experience less stressful:
Set Your Budget
Use a mortgage calculator to determine the amount that you can afford. The rule of thumb is to search for a home that costs about two-and-a-half times of your gross income. You will also need to set your sights lower if you have credit card debts or other financial obligations, such as alimony.
Figuring out how much you can pay for will allow you to set the size of your down payment. You should also consider setting aside an amount for other relevant expenses, such as a home inspection or radon air testing.
Find a Reliable Agent
Work with exclusive buyer agents who are reputable and will look out for your best interest. Apart from helping you find your ideal home, their job is to act as your representative during the entire home buying process and negotiate on your behalf.
But before hiring a real estate professional, remember to ask if they accept sales listings. If their answer is yes, it means that they are not an exclusive buyer agent. Otherwise, conflicts of interest can arise since their loyalty is with the sellers.
Make an Offer
Once you find the home that fits your needs and budget, make your bid right away. Don’t give a meager offer if you want the house because the seller might get turned off.
There is no guaranteed way of negotiating a fair price. Sometimes, it’s best to deal with the seller directly yourself. Once a mutually acceptable price is reached, the agent will draw up an offer to purchase. That will include an estimated closing date, which is usually 45-60 days from the acceptance of the offer.
Get a Qualified Conveyancer
Hiring an experienced conveyancing lawyer in Townsville will save you the trouble of doing the paperwork. With a qualified professional on the job, you won’t have to worry about preparing and lodging legal documents. They will even take care of the practical financial aspects of the transaction, including liaising with the lender.
Inspect the House
Inspection is essential to the buying process. It will allow you to spot issues that could otherwise cause significant problems in the long run. You can request the seller to solve them before you move in or at least deduct the repair cost from the final price. Don’t hesitate to walk away if the other party won’t agree to either solution. You are free to do so without penalty if you have that arrangement written into the contract.
Be sure that you are present during the inspection. It’s an opportunity to explore further the house you are buying. You will learn about its overall condition, as well as the construction materials, electrical wirings, and heating systems.
The process of buying a home can be complicated, especially if it’s your first time. Use this article as a guide to help you navigate the necessary steps.
