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Aug 13, 2018
Costs First time Homebuyers need to be Aware of
Buying your first home is exciting, but it can also be a financial drainer you weren't ready for. Being aware of the various costs you may incur can help you to plan accordingly. Typically, the extra costs can be as much as 10% of the purchase price of your home. You need to keep that in mind as you are looking for a place to buy. Fees and Taxes There is a Stamp Duty which will apply when you buy a home. This amount is based on the purchase price of the property. It will also depend on the location where you reside. It is going to be one of the largest fees you will have when you buy a home. A registration fee can apply too for the transferring of the documents associated with that property. The costs also depend on where you reside. Loan Related Costs Your lender may have various fees and costs they add on for the loan too. This can include a settlement fee, service fees, and establishment fees. If you get a fixed rate locked in, there may be fees for that too. When you borrow 80% or more of the cost of the home, you will need LMI which is Lender’s Mortgage Insurance. The amount depends on the overall cost of your loan for the home you purchase. Other Possible Fees There are a variety of other possible fees that could apply when you buy your first home too. For example, you may incur legal fees for the transfer of the property from the previous owner to you. There may be fees involved to make sure there aren’t any other liens on the property too. A title search is conducted and there will be costs involved with the inspections for the home. These are to verify the structure is sound and pest free before you buy it. You will also need to have the utilities turned on at the new property. There may be transfer fees that apply from your previous location. Covering the Costs Save what you can when you know you are looking to buy a home. Any money you may get such as bonuses or what you don’t need for your basic living costs, could be put aside for savings. Look at incentives and rebates offered which you may qualify for as a first time home buyer too. They can reduce the amount of money you need to come up with out of your own pocket to buy a home.
Jul 23, 2018
Buying a Home? Always Consider the Following
Buying a home is an interesting experience! It is often a learning process for those involved. Following this advice can help you make a good choice; one that you and your family are happy with. Research There is plenty of marketing out there about homes, but you need to conduct your own research too. What is the going price of a home the size you want, and in the location you are interested in? What is the economy offering in terms of interest rates for someone with your credit rating? Think about access to core locations such as your job, parks, and schools from where you would be living. You should also look into the crime data for that area. Culture and Diversity You want to be happy about your surroundings, but they are often overlooked when it comes to buying a home. Find out what you can about the culture and the level of diversity offered in a given location. It may be an opportunity for you to grow and to learn. It can be a place where you meet new people and create lifelong friendships. Spend some time walking or shopping in that area to get a feel about the people. If you don’t think it is going to be a good fit, trust your instincts. You aren’t going to be inside your home all the time. Go for a walk around the neighbourhood and talk to people. Do they seem to be friendly? Ask them how long they have lived there and what they like most about the area. Commute may be Worth it Prime areas can end up being far more expensive to buy a home in. They are in demand so the prices soar. Don’t settle for a home that isn’t large enough or doesn’t offer you everything you need. You may wish to consider surrounding areas and what they offer. Sometimes, a commute of 20 minutes or so can help you to buy far more. The commute may be worth it to stretch your money and make a good investment. Inspecting Homes Narrow down the possibilities and focus on the quality options. Plan a time to inspect a home that meets your needs and price range. Look for anything that doesn’t seem right. Investigate the areas of the home and look for potential problems. Vendors are going to lengths to make their home look the best it can. Don’t be so in awe of it that you miss problematic areas.