We are finally close to buying our first home. I have been keeping an eye on the market for a few months now and haven't found anything I LOVE yet. We are probably leaning towards building at this stage.
Does anyone have any tips for buying your first home? Things to look for when buying? Things you know now that you wish you knew back then? Etc.
Would love your feedback!
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13-08-2014 22:13 #1Senior Member
- Join Date
- Nov 2013
Tips for buying your first home !
13-08-2014 22:56 #2
Attend as many auctions and open houses in the area you want to buy in so you become an expert in house prices in that area , see what the average days on market are and the average list to sell price ( eg: if it was advertised at $499,000 and sold for $470,000 that's a 6% reduction in asking price)
your first home won't be your "dream" home so think more like an investor instead of becoming emotional , if you miss out on a home there will always be another one so don't let emotion take over and pay more than you can afford
Get to know the local agents so they will keep you informed of any new properties and keep you up to date with sold prices
Make sure your finance is approved so when you make an offer you can sign a contract ASAP
Get a good solicitor ( ask around and see who everyone else used and was happy with) and make sure they have a reputable pest and building company they recommend
13-08-2014 23:02 #3
My biggest tip is to think about your lifestyle. If you are big on outdoor entertaining, look for features that allow you to do that. If you are movie buffs, look for great theatre rooms. If your partner works odd hours, look for ensuites with doors - nothing worse than being woken by lights and showers at strange times of the day.
Kitchens and bathrooms will cost the most to renovate if you aren't quite happy, especially if you want to move fixtures.
Try to overlook decor choices. Painting can totally transform the look of a property. Carpets and blinds can be changed. Tiles can also but it's a lot of work.
Look for functional layouts and lots of storage.
And most importantly go in knowing what you want to spend. Offer slightly below, and expect a counter offer. Be prepared to walk away if the sellers won't take anything close to your offer. Do your research and know what similar properties in the area are selling for so you have a realistic expectation of the price range you will need to pay.
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