Buying your first home can be an exciting but daunting process. While it may seem overwhelming at first, with the right approach and some careful planning, you can find a property that ticks all the boxes.
From understanding your finances to finding the perfect location, it is important to be well informed before making such a life-changing decision.
Pam Naidu, Director of Sales and Marketing at Devmco Realty, shares some tips which every first-time buyer should know when deciding to purchase their dream home.
- Location, location, location! Also known as the Three L’s. There are three micro locations that define the actual location of a property on a macro level. If the property you want to purchase is in an estate for example, you may want to find out what area of the estate it sits in and what that actual area provides, such as a good sea views, etc.
- Financial stability is important. Get your credit card payments and debts in order.
- Establish a realistic budget to determine your affordability.
- Find a trustworthy real estate agent. This is the person who will assist in picking out your potential home and exploring your new neighbourhood and is also responsible for scheduling tours and negotiating important contracts on your behalf. Ensure that this is someone you trust, to have your best interests at heart.
- Get a pre-approval letter before you start shopping! This will help you have realistic expectations on what you can afford.
- Be mindful of transfer and closing costs. First-time buyers usually tend not to factor these costs in, and it comes as a huge surprise at the end. Doing your homework is a very vital part of house hunting.
- Create a budget and try to stick to it so that you can enjoy the process and not put yourself under too much pressure.
Being a first-time homeowner can be an overwhelming experience and requires careful consideration of several factors. With expert advice from Devmco Realty, first-time home buyers can make an informed decision and successfully unlock the door to their dream home.