First-Time Home Buyer Must-Do’s Before Buying A Property

by | Jun 20, 2022 | Finance

Buying a property is not an easy feat. It probably is one of the biggest purchases you will ever make and a complex one at that. This is not something you can decide on a whim, that’s why it is important to research and gain insights as much as you can.

It makes sense — buying a property without doing proper research will be your biggest mistake. You should think logically, and make sure that it is well-researched because you don’t want to deal with the consequences of rush-buying.

Here at Residential Building WA, we want to provide assistance in buying a property, especially for first time buyers, and make buying a property hassle-free to everyone. Fear not; we will guide you all throughout the process of purchasing a property for the very first time in only eight easy steps.

1. Find Properties You Could Afford

First and foremost, before purchasing a property, you must know how much you can afford. It is the maximum amount each month you are capable of paying.

You can plan your budget including your home loan repayments and remember to save a portion of it monthly for maintenance. Property is not the only thing that your money will cover, there are other costs you must cover, especially the stamp duty.

2. Location Research

Now that you have a potential property you want to purchase in mind, it is time to research the area where that property is located. You can start by researching prices and various trends in the local area.

It is advisable to get insights from real estate agents or brokers of the happening within the local area you are interested in. Make sure you have the knowledge and understanding regarding the values of the properties in comparison to the listed price set.

3. Property Inspection

Assuming you have found a property you want or you’re interested in, it is never wrong to inspect the property if it has hidden surprises waiting to be found out.

You could look for molds, smell (any bad odors), pests lingering around, and walls (if it is hollow or not). You should try if the flush is working in the toilet, piping and plumbing, the air conditioning and heating, if the appliances are all working, the electrical circuits — everything that is included in the property you are interested in.

Do not be afraid to ask questions regarding the history of the property, and the current state of it.

4. Ask For Experienced Professionals

While properties are valuable, money is valuable too. You do not want to waste it by making wrong decisions, that’s why working with experienced professionals is recommended.

You can hire experts to inspect issues that will require consult repairs or replacement in the property you’re interested in. You can also work with a mortgage broker, making sure that financing would be smooth-sailing.

5. Talk To A Financial Adviser

Your lawyer should not represent the seller because it will result in conflict of interest. It is possible to hire a lawyer of the same firm but never the same lawyer to represent you or the seller.

6. Follow Your Brain and Not Your Heart

People say that good things come when you follow your heart, but it is a different thing when it comes to property ownership. It is wise to follow what you know, rather than your emotions.

No matter how good the property is and how much you love it, if it does not meet your terms, do not be afraid to call the deal off.

7. Negotiate

Negotiate as hard as you can. As a buyer, you can be as vigorous as you can in negotiating. Do not be afraid of negotiating the prices because you want to buy the property in accordance to your financial capability or terms. You should negotiate prices until you come to a compromising price settlement.

8. Do Not Feel Pressured

Real estate agents always wanted to sell a property quickly at the highest possible price. Usually, they put pressure on you by saying that you should buy the property before anybody snatch it away from you.

If you feel rushed and pressured, do not be afraid to let go of the property you want. It is never good to make a hasty decision just because you felt rushed and somebody might take the property away from you.

Remember to always take your time to consider buying a property objectively.

9. Long Search

When looking for a property, the search for it could take longer than you might think. Property hunting is quite challenging and takes quite a lot of time more than you anticipated.

Do not be disheartened and keep on grinding in finding the right property for you. Remember: patience is a virtue.

Read through our useful guide for more information

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