First Home Buyers Tips

First Home Buyers are the group most at risk to make mistakes when buying a home. It is only natural as they have not done it before and the only advice they may be receiving is from family and friends which can confuse the issue even more. First Home Buyers or any home buyer for that matter can easily overlook an area in real estate that can cost them thousands without even knowing. The old adage you don’t know what you don’t know comes into play and there are many areas to consider in the property game.

12 Golden Tips First Home Buyers Must Know

By getting pre approval for a loan you can save a lot of time looking at properties within your budget rather than those you can’t afford.
Mortgage Brokers are free and are the experts in their field so take advantage of their access to lenders and ability to find the right loan for you
You can increase your borrowing power by taking some simple steps such as looking at your credit card limit and planning your payments
If you ask the right questions and get good advice you will be more successful, when you receive answers that you don’t want ask a better question
A house advertised for $300,000 and anther one advertised for $300,000 plus may have expected prices of more than $40,000 difference
It is important for a First Home Buyer to become an area specialist and absolutely anyone can do it starting with research on the internet at home
If you qualify for the First Home Owners Grant you will be able to use that money on settlement day as part of your deposit which can help you get started
When you negotiate, remember that price is just one component and you can sometimes get a better deal by meeting the vendors other requirements
Use sunset clauses and subject to clauses when making an offer to have the best chance of having an offer accepted
Building Inspections almost always can be recovered either as a point of negotiation or through lessons learnt for future properties
Auctions have a different set of rules to private sales including no cooling off period. An auction can be stressful but stick to your guns as another deal is always around the corner
Buying well is only the beginning. Money management over time will enable you to save far more money and pay off your home years in advance

Often First Home Buyers may feel like they have missed the boat in some ways with rising prices. However the good news is that with little bit of education they can actually be better off than their friends who purchased earlier. By having a 5 year strategy a first home buyer can limit their risk to interest rate rises and build equity in their home in the crucial early years of repaying a mortgage