Our first home buyers journey: post-purchase bliss
After months of searching and struggle, in our last buyer's journey piece we were happy to report that Michelle Moore and her partner Luke had finally found their new home in Cronulla.
It's not always fun for a young couple breaking out of the rental cycle and into home ownership, but now that they have settled in to their new abode, Michelle has been allowed the time to reflect on the whole process.
"The first week we moved in, one of our neighbours came home at 1:30am and had a party, and I was just thinking 'oh my god, what have we done'," she commented, highlighting one of the common anxieties of relocating.
Since then however, owning their own home has been a real pleasure for Michelle and Luke.
"I had a really bad day at work the other week, and I opened the door of our home and walked inside and I just smiled straight away. This is why you work, to come home and realise that 'this is my place'," she says. Now we have to pay for it...
Once all the excitement of house hunting and auction bidding winds down, the sometimes harsh reality settles in: the time to pay up has come. Thankfully, Michelle and Luke had put themselves in as good a position as possible before approaching lenders for finance.
"We had spent time ensuring that we were in the right position well before hand... because we put in that preparation time we found that when it came time to securing finance, we didn't have any problems," she notes. It's easy to lose sight of your budget when applying for finance, but Michelle stresses the importance of making a plan and sticking to it.
"One of the first brokers that we went to was telling us that we could borrow a substantial amount more. The idea was appealing to me, but Luke was sensible and refused the offer, saying that we don't want to overextend ourselves,' she says, offering particularly good advice for first home buyers.
The nuts and bolts of buying
Alongside the financial dealings that come with buying a new home, there are various legal things to take care of. That's where Michelle suggests a good broker can really prove their worth.
"We signed various forms along the way [with] our broker, but he was really good, he would often come to our home and explain everything that we needed to sign," she says.
After signing all the necessary forms, all Michelle and Luke had left to do was wait for the settlement period to pass. As Michelle can attest, those 42 days began to feel like a very long time, just anticipating the day when it all becomes real.
"Every time I would drive to work I would drive past our sold sign. It just felt like a long process and we really wanted to get in."
The agency experience
Buying a home, as Michelle and Luke can now tell, can be a challenging, many-faceted process. That's where having a trusted real estate agent on their team made things easier.
"[Our agent] was quite accommodating, as he let us inspect the home one night at 6pm just before the auction... [They were] great on auction day for the signing and those kind of things," she says.
Next time, in our final buyer's journey piece, we'll ask Michelle for any advice she has for first home buyers, now that she and Luke have been through the whole process.