Purchasing your first home is an exciting process, and a huge step for any buyer; whether you’re finally moving out of your parents’ house or ready to leave the rental market. It’s likely that by the time you start looking for your first home, you’ll have a good idea of what you’re looking for – and you’re hoping to find something as soon as possible. But, what are the logistics of purchasing your new home, and what do you need to remember along the way?
Wants vs. Needs
When you start the process of searching for your dream first home, it can be easy to get caught up in stunning home opens and the excitement of the journey. But, it’s important to take stock of what you’re really looking for before you make any big decisions. Make a checklist of your needs – it could be a certain number of bedrooms, a backyard for your pets, or a study. Then, make a separate list with the things that would be nice to have, but aren’t vital in your new home.
Avoid Buyer’s Remorse
If you think you’ve found ‘the one,’ make sure you take your time to find out everything you can about the house and property before you make an offer. Request multiple inspections of the home, make sure you understand the floor plan, and note down anything you might want changed or fixed. Take every step possible to ensure that you don’t regret such a big decision.
Making an Offer
You’ve taken your time, done multiple inspections, shown your parents through the house, and found a place that suits your needs perfectly. So, where do you start when making an offer? First, make sure you do your research on the home; search online to see if you can find past selling prices, chat to the real estate agent to find out what sort of range the owner is looking for, and see if you can find out what similar houses in the area are worth. Get a valuation from a professional to find out what the house should be worth. Then, find out whether you need to make a verbal or written offer (written is usually best!), and work from there.
Settlement is the process after an offer is accepted, where each party’s legal and financial representative’s deal with the finer details of the sale, and the property changes hands. There are a few things that you need to work through during the settlement period.
First, set up a final inspection during the week before settlement, to ensure the house is in the condition you originally bought it in. Next, make sure you cover yourself with home insurance before you move in.
Then, chat with your relevant representatives and the agent to ensure you know exactly how much money you will be parting with upfront, and what you are legally obligated to pay.
Okay, you’re all set! Now that you’ve got all the right information, it’s time to start looking for your ideal first home.
Get in touch with the team at ACTON today for professional advice and details on properties in your chosen areas.