If you are looking to buy your first home in Queensland, there are a few things you should keep in mind in order to make the process as smooth as possible.
In this article, we explain the top tips for first home buyers in Queensland.
Top Tips for First Home Buyers in Queensland
1. Do your research
Before you start looking for a home, it is important to do your research and have a good understanding of the Queensland housing market. This will help you know what to expect in terms of prices, availability, and the type of properties that are available.
The internet is a good place to start – there is heaps of information on the internet that will point you in the right direction and give you a general feel of the housing market.
2. Get pre-approved for a loan
Speak to your bank or mortgage broker.
You want to have a clear picture of your financial position.
Ideally you want to get pre-approved for a loan or at the very least understand what your borrowing capacity is like, the down payment you will need and the repayments.
With this information, you can set budgets as you will know how much you can afford to spend.
3. A real estate agent works for the Seller
Always keep in mind that the real estate agent works for the Seller. Having said that, you must engage with the real estate agent and ask lots of questions about the property. Building a rapport with the real estate agent may just work to your advantage.
4. Be prepared to compromise
When you are buying a home, you may have to compromise on some of your wants and needs in order to stay within your budget. It is important to be flexible and keep an open mind when looking for a home.
Draw up a list and divide it into two columns. The first column should be for those items in a home that are non-negotiable; for example, 3 bedrooms. The second column is for those items that are negotiable; for example, a swimming pool. Having a list will give you clarity and will allow you to focus.
5. Stick to your budget
It is important to stick to your budget.
Your bank or mortgage broker will be in a position to give you a budget. Remember to take into account the hidden costs of buying a home; like Transfer Duty and legal fees.
6. Be patient
The real estate market can be unpredictable, so it’s important to be patient when buying a home. Don’t be discouraged if you don’t find the perfect home right away. Keep looking, and you’ll find the right one eventually.
7. Don’t sign your Contract without legal advice
Once you’ve found a home you want to buy, it’s time to make an offer and sign a contract. Don’t rush to sign your contract – get your solicitor to review it first. At One80 Conveyancing we offer a complimentary contract review before you sign it.
Conclusion
Buying a home can be a long and drawn out process. It can also be complicated.
At One80 Conveyancing we help home buyers get into their dream homes efficiently with our revolutionary One80 Prime System™. We take care of the conveyancing process so you can concentrate on the things that matter, like planning that housewarming!
Disclaimer: This article is provided for general information purposes only. Its content is current at the date of preparation. Changes in circumstances or policy, or legislation after the time of preparation may impact the accuracy of the information provided. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice from a qualified professional based on your specific circumstances before taking any action concerning the matters discussed in this guide. One80 Conveyancing Pty Ltd will not accept liability for any reliance on this article, including but not limited to the accuracy, currency or completeness of any information or links.
