3 tips to battle first-home-buyer nerves
Buying a property is no easy feat when you're a first time buyer. The world of property has its own language, which can be difficult for newcomers to understand. From strata titles, offset home loans and conditional clauses, it might rattle up your nerves upon hearing such phrases.
However, the key to any successful property transaction is confidence, which can stem from adequate preparation.
If you're thinking of buying a home and you're suffering from first-time-buyer nerves, here are three tips to help you overcome your anxiety.
Ask yourself what you want
One problem many buyers face when entering the property market for the first time is wondering what type of home they should secure.
Will an apartment be enough to house the family you're going to start? Do you need extra garaging for your cars and furniture storage?
Before you hit the market to look for a new home, ask yourself what you want and need in a property. This will help you set search parameters and make the house hunting process a lot easier, which may settle some of the butterflies in your stomach.
From fixed interest rates to honeymoon loans, housing finance might seem complicated. Although there might be almost as many types of loans in the market as there are buyers, there will always be one suited to your requirements.
Discuss your options with a home loan specialist to determine how much you can borrow and what type of loan is the best fit for you. To some of the stress that can occur during the settlement period, it pays to get your home loan pre-approved before you begin your hunt for a home.
Not only will this allow you to have your finance sorted, but it can help you in the negotiations process, too.
Perform due diligence
Thorough research into a home and the property market is a very smart step to take before you sign the dotted line on a contract of sale.
If you perform your due diligence, you can judge whether a property is fairly priced, if it's structurally sound, will provide you with good returns or if it's in an enjoyable area to live in.
Obtain a property valuation from a professional and don't be afraid to ask the real estate agent any questions that pop into your mind. After all, any and all information about the property will be a useful tool to help you decide if it's a good purchase.