Buying a very first home is like a dream come true. However, the process can be exhausting and daunting for first time home buyers. Apart from looking for home loans at the lowest interest rate, make sure you do proper market research and find the best location and residential property in Newcastle.
For most people, owning a house is the most expensive asset, and that’s why they leave no stone unturned while making the buying decision. If you are moving from one city to another, hire trained Newcastle removalists for the smooth transition of precious household belongings. They will reduce your moving stress and help you focus on other important tasks related to your new abode and relocation.
If you face difficulties in the home buying process, look at the following step-by-step guide, from applying for a home loan to settling in your property. Let’s Get Started!
Are you going to buy your first home in a metropolitan city like Newcastle? If yes, then start saving your money.
Setting the estimated budget and saving up a decent amount of your income can reduce the burden of buying a home loan.
Many financial institutions and lending companies will require evidence of your income and savings from the last three to six months. So, doing this will also simplify your journey.
It is good to bring all documents in an organised manner and master the first phase of the home buying journey.
However, the final deposit will depend on the value of your new home and the amount you are borrowing as a home loan. But, according to some property investors and experts, you will need to keep this in mind while buying a house:
For an existing residential property: You will be required around 9 per cent to 10 per cent of the purchase price.
For a new home: You need to pay around 2 per cent to 5 per cent of the purchase price.
Always remember that this is only a general guide, and grants may vary from state to state. So, make sure you check whether you are eligible for the federal government’s Scheme, the First Home Loan Deposit or not before getting into the process.
First-time homebuyers always face difficulties finding a reliable lender and a mortgage due to a lack of knowledge and market research. Apart from this, most of them fail to decide the amount of money they can afford to borrow from lending companies. This is a common problem, and you should talk to the professionals for the proper guidance.
The best thing you can do is to get pre-approved by potential companies if you have all the necessary documents. This will help you know how much money you can borrow to buy a new home.
Here is the list of documents you will need for this pre-approval process:
• An Income proof: pay slips, history of commissions, group certificates, etc.
• Statements of your debts such as loans and credit cards
• First homeowner grant
• Evidence of your deposit
Lenders Mortgage Insurance is a great tool in getting your first property if you are struggling with a huge 20 per cent deposit.
Make sure you don’t fall for low deposits because the more you borrow, the more you have to pay back.
It is good to create a team of professionals before negotiating on the property price. Make sure you hire:
• A mortgage broker
• A Solicitor
Make sure you follow the moving checklist if relocating for work and stay relaxed throughout the process.
Being a first-time homebuyer, it is important to do proper market research before making the final decision. Start the process by reading property-related news and magazines.
There are numerous reliable property websites to see the current value of properties in different locations. Check your budget and look for the house that best fits your needs.
If you are on a low budget, you can buy a house in the Newcastle suburbs. The houses in the outdoor suburbs are spacious and affordable. If you want to maintain your living standard, look for modern apartments and villas close to the CBD.
Finding the ideal location and type of a home are two crucial decisions to make when you are a novice. So, ask the experts and clear all your doubts.
Make sure you book a good removals company in Newcastle in advance after deciding the location to save your precious time and money.
Visit the potential properties personally to know detailed information about the property and the location. Do check everything and finalise the deal after a thorough inspection.
Moving out of a comfort zone and compromising on location can make you feel unhappy. But, you have to make the right decision. If you are running tight on a budget, you may need to find a smaller and more affordable home.
You can also opt for a studio apartment and ask the removalists Newcastle to store your additional belongings safely and securely.
Whether you are planning to buy land to build a house or buy a home and land package, make sure you apply for a construction loan.
Here come good negotiating tricks. If a potential property has been on the market for almost one month or two, you can make a low offer.
Make sure you compare the selling price with the prices of other properties in the same area.
After making the final deal and moving to your new home, you can explore 10 best things you can do in Newcastle.
This is the complete guide on buying a home in Newcastle for the first time. Keep these things in mind and move into your dream home with the help of removalists in Newcastle.
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