6 Tips for Buying a Property on Your Own

Are you planning to have your first home in Sydney? According to the Australian Bureau of Statistics, single-person families made up nearly a quarter of all first-time purchasers with a mortgage.

And this figure is certain to climb as the number of single-person households (whether owned or rented) continues to rise, following the present trend of smaller households. So we spoke with some first-time home buyers to get their tips on taking this important step up the property ladder on their own.

However, as a first-time homebuyer, you must lay some logistical groundwork before embarking on this road. When the housing market is hot and competition is tight, doing your homework ahead of time will help you better prepare for the home-buying process. 

1. Research and Plan 

Buying your first property in Sydney or otherwise will always be special, which is why you should put in the extra effort. First, think creatively, out-of-the-box ways you’d like your home to be. Do not get into an investment decision without thinking about the long-term. Next, ensure that you sort out all details like the suburbs in which you’d like to reside, how you’d pay for the installments, or whether your home loans are in process. It is also advisable to seek first home buyer assistance while you are at it. 

2.     Determine the Type of Home You Desire

When you know your purchasing power, you may look at all the dwelling possibilities available in your area by first learning about the types of homes available.

• Single-family dwellings This is what most people think of when somebody says “residence.” However, these dwellings are not connected.
• Duplexes are often two homes in one structure with distinct entrances that share a single wall or floor/ceiling.
• Condominiums are privately owned units within a larger building, with owners owning only the interior of the unit and not the exterior of the building. 

3.     Examine your spending plan

When buying property in Sydney, it’s vital to comprehend that when you invest in real estate, your budget will alter, and you’ll incur new expenses in addition to the mortgage repayment.

Property taxes, homeowners insurance, and upkeep are just some extras you’ll need to budget for. In addition, you might notice an increase in your utility expenses. You should also ensure you have enough money in your savings account to meet unexpected expenses.

4.     Make use of your relatives and friends

Whenever you found a place you liked, you would always try to get the help of a friend or family member to accompany the property and give an honest opinion or a sanity check. 

Talk to them about how much you want to spend and how much you can afford, and then stick to those amounts when the bidding begins.

5.     Mortgage Rates Comparison

It pays to look around for mortgage loan rates as you prepare to start your property search.

According to research, buyers who get mortgage quotations from over one lender save an average of $1,000 over the life of their loan. Up to five extra rate quotes can save you up to $3,000 on average.

When comparing lenders, remember to look at more than just the interest rate. It’sComparing closing costs, points, and loan fees is also a good idea.

6.     Obtain Pre-Approval

You’ll want to be pre-approved for a mortgage after cleaning up your credit and paying off your debt. 

Pre-Approval is beneficial for a variety of reasons:

• You’ll determine how much you can borrow
• You’ll also determine your purchasing power 

Knowing both of these will aid in your home search and prevent you from experiencing unwanted disappointments due to shopping beyond your means.

Pre-Approval also establishes you as a serious buyer. Many real estate agents may refuse to work with buyers who have not been pre-approved. 

Conclusion – 

Buyers looking for their first home in Sydney can use the tips stated above to find a property that is both affordable and conveniently located. Finding a house on your own might be difficult. However, by following these suggestions, you will find it easier to purchase the house.

If you are still confused and looking for help, visit  Quarter Acre, for we will help you in making a well-informed decision. We strive to determine in making the experience of buying your first home in Sydney seamless.