If you are stressed about buying your first home is keeping you up, relax. I know the feeling. The fear of the mortgage. Finance failing. The fear of overpaying. Major life event. But it is also the smartest move for your wealth. Owning a home is security. No rent. Hang a picture. Your castle.
This town is ideal for first home buyers. Why?. It is cheap. It is possible to find in the $400s. Look for that in the city. You can't. Locally, secure a home a decent block that is affordable. We have units. The stock is here.
Don't do it alone. The process is tricky. Conveyancers, forms. Confusing. Brad Smith, I enjoy helping newbies. I explain things. Ask me anything. My goal is your home. Let's look at how to do it without the stress.
Saving Up That First Deposit
Saving the cash is the biggest barrier. Getting that lump sum with high cost of living is hard. It is necessary. Or do you?. There are schemes. Government deposits. A tiny deposit. Check eligibility. It might be possible now.
Family guarantor. Guarantor loans secure the loan without savings if they back you. It is a favour. It is common. It saves you Lenders Mortgage Insurance (LMI). Huge savings. Ask about it.
The old fashioned way, be disciplined. Sacrifice. Keep going. Moving in you will be proud. Stay focused. Your home is coming.
Sorting Out The Money First
Don't inspect without finance. Go to a mortgage broker. Not just a bank. They check 30 banks. Best policy tailored to you. Get the green light. A document saying the bank will lend a budget.
The benefit? Confidence. Looking at a house, you are serious. Putting in a bid, the agent takes you seriously. If you say "I don't know my limit," I can't accept. A pre-approved buyer gets the deal.
It costs nothing. It is free service. Go see one. It helps you know your limit. Don't look at $600k homes outside your range. It is sad. Know your number.
Budgeting For The Extras
The purchase price is just the start. There are hidden costs. The big tax. South Australia, stamp duty is high. Know the amount. However, for newbies, there is relief if you build (check current rules). Old houses, tax is due. Factor this in.
Settlement agent. Pest check. Application fees. Truck hire. Utility connections. It costs thousands. Have spare cash. Don't max out at the start. You need cash to settle.
I can help. I can give you a rough guide the total. I know cheap conveyancers. Don't be surprised. Be smart.
What To Look For At Open Inspections
Viewing homes, look past the furniture. Furniture leaves. Check the structure. Is it moving? Is the roof straight?. Are the windows rotten?. Mold smell?. Traffic sound?.
Don't fall in love with the cushions. Look for the layout. Fix the bathroom. You can't move the house. For a first home, look for potential. The dated one is the bargain. Make money. The shiny one you pay for the work. Buy potential.
Get a building inspection. Essential. Small cost. Saves disaster. Structural damage, you need to know before you buy. If it fails, cancel (check contract). Avoid disaster.
Securing Your Dream Home
Bidding is intense. The number? Don't lowball crazy. You lose. Don't waste money. Ask. "Guide me." I can't reveal offers, I give hints. "Look around $420k." Read between lines.
Sign a contract. Just saying a price are weak. A signed contract is powerful. It shows you are real. It is tangible. Higher chance to sign. Commit.
If you lose, don't give up. There will be another. Learn from it. Maybe you offered too low Offer more. Experience helps. Don't stop. Success will come. I will help you. I want to give you the keys. I love it. Let's buy.
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