As exciting as it is to be moving into your very first home, it’s not the easiest experience. Most people find the moving process to be quite stressful, thanks to the huge amounts of money being exchanged, as well as all of the work that needs to be done. That’s not just applied to buying property in Australia, it’s the same in many countries all over the world.
Once you’ve started the process, you’ll just want it to be over as soon as possible; and the point of this guide is to help you shorten the process as much as possible!
Use an app
Using property management apps to help the home buying process along is a great idea, especially for first-time homebuyers. Using property apps in Australia is becoming a more and more popular way to make the process less confusing, and more streamlined than ever before. Search for properties, manage your documents, and connect with specialists, all within one app!
There’s not much room for error when moving, and you don’t want any hiccups to slow the process down – as it could mean that you spend a few days without a roof over your head if you’re unlucky. Instead of risking it, try using a family property app
Find your borrowing capacity
Before you go deciding on the type of property you want, you need to know how much money you have available to you. That’s not just your own savings, but how much you’re able to loan from a lender. It will vary from lender to lender, and they will use multiple different factors to determine how much you’re able to borrow.
Typically, they will assess your income and employment history. If it seems like your income is steady and that you’re able to hold a job down, it’s seen as reliable. However, if you’ve only just got an increased income, it may be too soon for them to come to that conclusion.
Your assets may also be taken into consideration when figuring out how much you’re able to borrow from a lender. This will depend on the type of loan you’re looking for, as sometimes assets are used as collateral to pay off loans if the sum cannot be reached otherwise.
Check your credit score
When you’re taking out a loan to buy your first property, you have to keep in mind that lenders are going to want to know about your spending habits. Individuals with poor credit scores will be assumed unreliable in their ability to pay back the loan, which is why it’s important that you check and maintain your credit score. Some buyers with low credit scores feel a bit trapped at times, but there are lenders available who deal with customers who specifically have low scores.
Have your savings ready
Another thing that’s going to help you to get the loan you need is genuine savings. Being able to cover a portion of the deposit with savings that you’ve put aside from your general income is going to reinforce the idea of sensible financial habits. Even with a poor credit score, if you’ve got genuine savings ready to put towards your home, then it demonstrates that you have the financial discipline that they’re looking for in their clients.
Consider your needs
Putting the issue of money aside, you still need to figure out what it is that you’re looking to get from your property. Is it somewhere you’re going to want to stay for some time, or is it a temporary living situation? If you’re not planning on hanging around, making sure that the home has everything you could need isn’t as much of a necessity. If you’re planning to stay for some time, then you need to consider a lot of different factors.
Is your future home going to have all of the space that you’re going to need? Will it be close to your place of employment? Does it have nearby stores that are within walking distance, or do you have to make a long journey every time you need to get groceries? These things are easy to take for granted until you get a home of your own, and only then will you realize how important it is.
Buying a home is difficult, especially for first-time buyers, but you can make the experience much easier for yourself. By following these tips, you can streamline the entire process.
Navigating the Homebuying Process: Tips and Tricks for First-Time Homebuyers
