Top 3 things to consider when buying your first home in Narre Warren South
It’s fair to say that buying a new home is one of the biggest purchases you’ll ever make and likely, one of the most complex too. While it’s easy to get excited when home hunting, choosing between the place with the state-of-the-art kitchen or the one with the fully-fenced big backyard, finding the right home requires careful research and planning.
Melbourne has so much to offer first home buyers and with so much choice, you need to ensure the property you buy ticks all the boxes and is a good fit for your lifestyle too.
Check out our top three tips to getting you ready to buy your first home
1. Work out what you can realistically afford
There’s a big difference between borrowing power and what you can afford to pay. Before you start looking at areas and properties, make sure you know your budget and the maximum you are prepared to pay each month.
You know that you’ll have the home loan mortgage repayments, but you’ll also have other associated costs of owning a home which will impact your monthly budget far more than rental repayments would.
When you are buying a home, the fees can really stack up, from mortgage registration fees, financing fees and stamp duty to moving costs and ongoing property costs like content insurance, strata/body corporate fees and council rates. You want to know what you are signing up for to avoid any unwanted surprises later!
2. Research, research, and then, research again!
You can’t be too educated when it comes to buying a property. If you are already living in Narre Warren South, you probably have an idea of the suburbs you’d like to live in. Regardless of whether you’re still unsure or know exactly where you want to live, it’s worth exploring different areas, as well as the areas that neighbour your top choices.
Nearby suburbs can enormously vary in price and affordability. It’s also worth researching past sale prices in the areas you are looking at.
You need to evaluate your potential homes against the reason you decided you wanted to buy a new home. Whether that is the number of bedrooms, bathrooms, length of the commute to work, proximity to public transport or schools or any other number of reasons. Staying objective and making sure the house ticks the boxes that are actually important can save you a lot of time, money, and frustration later.
3. Work with an experienced realtor
As first-time home buyer, it is important to connect with experienced experts to help you navigate the home-buyers’ market. Choose a realtor who can take some of the stress out of the home buying process to make sure finding your dream home doesn’t become a nightmare. Maybe you are looking for a home with a big backyard or instead a low maintenance apartment, a real estate agent is the person whose job it is to know which property may best fit your needs and will and help you through the process of buying your dream home.
The right real estate agent will know what’s available on the market, they will have pricing expertise to help you identify if a house is overpriced or under-priced, they can act as your unemotional negotiator and can even help you navigate the processes and paperwork of buying your first home. At Ray White Narre Warren South, our team also offer in-house finance and will be able to assist with the loan process. Get in touch with one of our team of experts today to help you find the right home for you!
P: (03) 8785 0377