08 Apr 2016

Our Checklist to Buying Your First Home


As you may or may not know, buying a home is kind of a big deal. But just because it’s a big deal doesn’t mean it’s all doom and gloom—it’s probably easier than you think!

For many people, a lifetime of hard work, career ups and downs, and financial planning all winds up tethered to a home—the ultimate purchase. When you buy a home, you say, “This represents me and all of my worth.” For many people, it’s the single most exciting purchase of their lives.

But even though it’s a big decision, buying a home is better done sooner rather than later.

Rates, fees and charges are always steadily increasing when it comes to property. However, with things like fixed rate mortgages and other negotiable arrangements, you can avoid bearing the brunt of those fluctuations. The sooner you get started, the lower your locked-in fees will be.

The market is always better now than it’s going to be later, so while we certainly don’t advise against being cautious, we DO advise that if you’re set on owning a home, you act quickly!

Here’s a checklist to get you started:

1. Work out your finances ahead of time

Before you can really sink your teeth in and start looking for the home of your dreams, you have to organise your budget.

How much money can you put towards paying off a mortgage? How can you save or make more money in the first place? If you have pre-existing debt, how might you go about tackling it? What kind of mortgage is going to be right for you?

Sorting all this out might mean meeting up with your accountant. Mortgage House has a few tools that you’ll find helpful for early financial planning as well.

2. Ask yourself, “What will my home give me?”

Before you make the biggest purchase of your life, you need to have a firm grasp on your own answer to this question.
Do you want a modern sanctuary, or a renovators delight? Will this home be your only home, or will it be the first of many?

How exactly does this purchase fit into the bigger picture of your life?

3. Find your home

This is where all the magic is. This is WHY you’re going to put so much energy into organising your finances, learning about mortgages and working with real estate agents. When all is said and done, your home is the reward you get for years of dedication.

…So you’d wanna hope it’s worth it.

This decision is so personal it’s hard to give one-size-fits-all advice, but our biggest suggestion is that you keep your standards sky high.

Don’t get emotionally attached to a home before you’ve done the necessary checks—be sure that it’s to your personal liking and financially viable.

4. Be prepared for “buyer’s remorse”

On your first night in your new home, you might feel a little underwhelmed. Many people report noticing lots of negative things they never noticed before about their home during their first night.

This is perfectly normal. A new location can’t truly feel like “home” until some time has passed and the place has become familiar to you.

Hopefully now, if you experience this, you’ll be able to tell yourself the truth: That it’s perfectly natural to feel this way and that the feeling won’t last.

5. Consider the costs of maintenance

A home is like a child—it’s one of the most rewarding things you can bring into your life, but it also needs maintenance and attention to thrive.

Be sure to factor the cost of maintaining your home into your budget. It might do wonders to ask a homeowner you already know about maintenance costs. We’re willing to bet they’ll tell you a few things you never thought about before.

But if you don’t actually know any homeowners, you can always speak to one of our home lending specialists for advice.

Mortgage House:

At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.

But don’t worry, we can help with that.

If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
Get Started Today: Call us on 133 144 or Enquire Online.

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