It’s fairly easy to get swept up in the exhilaration of finally owning your first home, but take note that there are other critical things to plan first. Below are some crucial factors first-time homebuyers usually forget on their home-buying journey.
- The Mortgage Pre-approval: This is important because it will tell you the amount that you’re qualified to borrow.
- The Mortgage Insurance: This insurance is actually to safeguard your lender in case you default on your home loan. This is only required if you want to borrow more than 80% of the value of the home you’re eyeing. You could likewise consider making a larger down payment if you want to eliminate the mortgage insurance.
- The Stamp Duty Tax: In Australia, you have to pay a percentage of the purchase of a property as you stamp duty tax. You must save at least 3% of your home’s sale price for covering this.
- The Contract of Sale: Connollysuthers may agree that this is a vital document that makes the entire home buying process ‘real’ and completed. Because of this, you must have a conveyance or property law attorney review this contract, recommends a conveyancing solicitor in Townsville.
- The Conveyancing Process: This is a crucial legal process between you and the seller that directly leads to a settlement. Consider seeking help from a conveyancer so that you will have ample help navigating through any issues that could arise in the process of transferring the home in your name.
- The Statement of Adjustments: Before the actual settlement, your conveyancer will draft the statement of adjustments. Depending on the particular conditions of the sale, some of the expenses might still require adjustments.
- The Professional Inspection: You can’t simply buy a home since you like how it looks and you think that everything’s in order. A professional inspection is crucial since the inspector will point out any issues that you might have missed.
Inexperience is the common denominator among first-time homebuyers. Taking the things in mind and planning for them will save you more time and money, and ensure that your home-buying experience will be positive and as smooth as possible.