So you’ve been on a journey and have saved hard for your deposit; and now the time has come to get into your own home! What an exciting time this can be, and also… sometimes, a very daunting time.
Well, first of all, pat yourself on the back because you’ve already done the hardest part – getting that deposit together. And now the whole journey can finally come to fruition; the horizon is so much closer. Things should start to fall into place without too much stress, it should; but sometimes it doesn’t. And so I’m guessing this is the reason you’re here on this page: to get some advice. Good on you; you’ve come to the right place.
Now, there is a lot of things to consider when buying a home, so let’s go through some basics, and get you on the right track.
Your financial situation is going to have to be the biggest, determining factor of what you can purchase, so, if your budget doesn’t stretch to a mansion on Downton–abbey Boulevard, then you shall have to settle with a lovely house in Elsewhere lane. So, be realistic because you will want to stay in your home, won’t you?
Finding out what you can afford requires the boring task of number-crunching. What deposit do you have, how much should you spend per week, and how long will it take before you can enjoy the pleasures of being mortgage free? These are questions that need answering before you go to the bank. So develop a realistic budget, and stick to it: at least for now. You may be able to speed things up further down the track.
You are going to need a pre-approved loan from a bank or lending institute, this really is your key to begin the hunt for your home, and the bargaining wand you can wield. Make sure you have a letter of prequalification before you begin negotiations. Knowing you already have the power to purchase will give you a huge boost in confidence and a more resolute eye to ownership. Sellers and realtors will take you more seriously. And they too, will have more confidence in getting you into your home.
You will need to talk to someone who knows the ropes of house hunting and purchasing. And these guys will already have a pick for you to choose from. Let these guys help you by giving them your ideal dream–home; tell them where you want to live, what sort of home you’re after etc., and then allow them to work their magic.
SECURING YOUR HOME
A home has been found, and it ticks all the boxes (most of them). Fantastic! You’re nearly there! So begins the process of ownership. Have you got your deposit together? Is it an auction purchase or otherwise? Are all of the negotiations favourable and do the conditions check out? Then it’s time to arrange your signing appointment, and the completion of deeds etc.
Be sure you have all of the correct information and ownership details, the paperwork: this is so important! Because once you’ve got to this stage, and you have signed the paperwork, it’s yours. You own it! Yes! You have reached your horizon… and so now, begins another journey.