Buying a home is no small decision, but it doesn’t have to be a stressful experience. Armed with the right knowledge and proper planning, you can make buying your dream home a reality.
1. Write your wishlist
Make a list of all the things you’d like to have in your new property, including your ‘must-have’ features, such as location, number of bedrooms or parking. These are the things that you want to be looking for.
Be realistic, and know where you are willing to compromise.
2. Get your finances ready early
It’s a great idea to get your finances organised as early as possible – being pre-approved for a loan is a big advantage and will help you negotiate with vendors. This is especially important if you’re bidding at auction, as you’ll need to pay the deposit straight away.
Talk to a bank, lender or mortgage broker (or more than one!) to find out how much you can spend and what your repayments will be. If you aren’t sure where to start, please let us know and we can give you some suggestions.
3. Organise your lawyer/conveyancer
Make life easier by having a conveyancer or lawyer that you can engage as soon as you take out a contract on a property. If you’d like advice about finding a lawyer or conveyancer, we’re happy to recommend some of our pre-qualified experts. Just get in touch
4. Think about additional expenses
As well as understanding the costs of your loan repayments, mortgage insurance and stamp duty, always consider the other expenses and ongoing costs.
Investigate costs for maintenance, land tax, council rates, home insurance and strata fees (if applicable) so that you know exactly how much to budget for.
5. Do your research!
Understanding the market helps you decide exactly what you want, as well as giving you an idea of local selling prices.
Spend some time inspecting as many properties as possible to see what’s available, helping you recognise a bargain or an overpriced property and putting you in a better position to negotiate.
6. Be notified
Property alerts let your perfect property find you – sometimes even before it’s advertised to the general public.
This will give you a jump-start on the market and saves considerable time. For all of our latest listings, sign up for our property alerts. We also recommend creating a saved search on Realestate.com.au or Domain.com.au.
Another great way to do this is to get in touch with an agent or agency in your desired area, let them know your preferences, and they will help you find a home that checks all your boxes.
7. Have a building inspection
Professional building inspections can save you thousands of dollars by avoiding nasty surprises and giving you bargaining power if you find small (but fixable) problems with your chosen property.
There are lots of high-quality building inspectors in Tasmania – if you need advice on who to talk to, ask our team.
Follow these 7 steps, and you’ll be well on your way to finding your perfect home! Don’t be discouraged if your first choice sells or you don’t find what you’re looking for straight away.
The key is to always keep an eye out and use smart tools like property alerts to ensure you don’t miss your perfect match. Happy house-hunting!