Purchasing a new home can be exciting, but the entire experience leading up to signing over the deed can be extremely overwhelming. If you thoroughly prepare yourself for whatever comes your way, the process can be easy and painless.
Here are some practical tips to help you streamline the task of buying a new home:
Secure a good deal with a mortgage broker
Take the pressure off yourself by allowing a mortgage broker to do the financial legwork for you. Mortgage brokers can guide you through the application and settlement process to make sure you’re getting the best outcome. This includes sourcing pre-approval from lenders, filing paperwork, and guiding you during the application process for government incentives. A good mortgage broker is capable of saving you tons of time and effort in securing the right home loan for your needs.
Draft a budget
You can’t expect the buying process to go over smoothly if you don’t put in some work yourself. You’ll make everything much easier if you have a budget to base your decisions on. Draft up a budget that takes into account your income, assets, and liabilities. You’ll be able to figure out how much you can stretch your home loan with this information. When you take into account brokerage fees, stamp duty, and downpayment, you’ll get a rough idea of what you’ll be spending on equated monthly installments. This will help you narrow down your choices and make an informed choice.
Hire a real estate agent
Unless you’ve done this plenty of times before, it’s highly recommended that you seek an experienced real estate agent to help you find listings that meet your needs and preferences. You can even find real estate agents who tend to focus on a particular area, type of home, price range, and more. Try to meet with various real estate agents before settling on one so you can find and work with an agent who best meets your requirements.
List down your wants and need
Before you even go house-hunting, it would be good to communicate exactly what you expect from a house to your real estate agent. Otherwise, you’ll be wasting valuable time during your search. Be as specific as possible when determining what amenities, features, style, and price range you’re interested in. This can save you and your agent a ton of time and effort since you can immediately narrow down your choices to the most ideal options.
Visit as many viewings as you can
Try not to place an offer on the very first house you see. It’s much better to have options before you make a decision you regret. Take the time to visit as many house viewings as you possibly can before you settle. Take note of a list of must-haves and deal-breakers that you’ll gather from these visits. Don’t forget to evaluate the location and neighborhood, as well. Mentioning these characteristics to your real estate agent will help them adjust what listings they show you according to your preferences.
Purchasing a new house doesn’t have to be complicated. Let the process be more exciting than overwhelming for you by following these simple tips.