Buying a home will undoubtedly be one of the biggest purchases you will ever make. The last thing you want is to end up with buyer’s remorse.
Our team has put together a fun, practical guide to help take the stress out of property hunting. Bproperty’s 10 real estate commandments are designed to guide both first-time buyers and those returning to the market.
There are a few simple steps that we find our customers often forget, like the importance of getting an expert opinion or having pre-approval for a mortgage. Keep these in mind and the house-hunting process will be significantly less stressful.
The 10 commandments for homebuyers:
- Know the market. Do your research and know what else is out there. Never rush into a purchase without being fully informed – and never buy the first home you inspect.
- Save, save and save some more. Make sure you have a financial buffer in case circumstances change or you get hit with unexpected fees. Plus the higher your deposit, the lower your repayments.
- Borrow within your means. Stick to your budget. Never agree to spend more than 30 percent of your monthly income on housing costs.
- Get pre-approved for a loan. This will help you speed up the purchasing process while staying within your financial limits. Go into the negotiations with your finances sorted – and more bargaining power.
- Buy with the future in mind. Make sure the area has everything you need for your future needs. Are there good schools, hospitals, and shops nearby?
- Remember: everything is negotiable. First-time buyers often do not realize that everything in the contract – not just the price and closing date – is up for negotiation.
- Know what you’re looking for. Make sure you are well prepared for the inspection: take photos, jot down notes and make a shortlist of your favorite properties.
- Pay extra for an expert opinion. In the long run, a property and pest inspection can save you both time and money, while hiring a lawyer can streamline the entire process.
- Avoid doing anything that could affect your credit. Hold off on changing jobs, switching bank accounts or making any other large purchases until the property is in your name.
- Read everything before you sign. Even with a lawyer and real estate agent to guide you, make sure you’ve read all documents thoroughly. Don’t be afraid to ask questions or challenge a point if you do not agree.