Information for buyers
Get your loan approval first
It’s always wise to confirm how much you can borrow before you go looking to buy your home. You should also budget for the additional ongoing expenses that you will need to cover when owning a home, such as rates, insurance, repairs, etc.
Do your homework – create a checklist of your requirements
If you’ve selected a specific suburb to live in, be willing to view a range of different house styles within your price range. If you limit yourself to just one particular house style you may be setting yourself up for disappointment if you discover you can’t afford it.
If you need to choose a different suburb, don’t forget to evaluate your requirements for shopping, transport, schools, etc.
Your checklist needs to clearly differentiate between the features that are essential for you in a home from those that fall into the category of bonus features.
Work out your budget in advance
If you do this you’ll know what price range of houses you’re looking for. Be realistic. If interest rates were to increase by even two per cent, would you still be able to afford the repayments without potentially reneging on your mortgage payments? Research the range of fixed-term interest rates available at various banks.
Keep a cool head
Often home buyers pressure themselves into buying something they don’t like and which doesn’t meet their checklist requirements, because they feel that they have looked for too long or that someone else may also be ready to purchase that same house.
Buying a home is an important financial decision. If a property doesn’t have something that you need – such as an extra bedroom for your new baby – then don’t buy the property, particularly if you couldn’t service the additional loan to add an extra room.
Review why it has taken you so long to find the right house. You may need to reassess your criteria for choosing a home.
Should you buy the first home you see?
Real estate salespeople often report that after they have shown a buyer dozens of homes, it is frequently the first home that the buyer saw (and really liked) that they ended up purchasing. Lochore’s salespeople are skilled at understanding what it is you are looking for and will do their best to select for you those homes that most closely match your needs.
Don’t think that you must see dozens of homes to be sure. If the first home you see suits you and you like it and can afford it – then do your best to buy it. You may miss out if you choose to look at too many homes before deciding.
Ask for help
Home buyers often try to go it alone and don’t ask real estate agents for their help. Remember that our Lochore’s salespeople have the depth of experience and local knowledge to help you find what you’re looking for. They don’t want to sell you something that you won’t be happy with because unhappy customers are bad for business. Ask our salespeople the right questions to get as much information as you need to buy a home. Think about what you need to know in advance, so that you’re well prepared.
Seriously consider getting a building inspection
Overlooking potential future problems can be an issue for first-time buyers who are not familiar with building construction. It is often a good idea to get a building inspection completed by a registered and qualified tradesperson, particularly if you have doubts about any structural elements. We can help with suggestions for tradespeople.
It’s your decision
First-home buyers often feel that they need approval from their parents or friends before making the final decision. By all means have people you trust look at a house, but remember that it is your opinion that matters most – you’ll be the one living there.
Imagine the house with your furniture and possessions
Don’t get too carried away if a house has been stylishly home staged with expensive furniture and art. You need to envisage how your furnishings will look in their place and assess if the house’s overall layout will meet your requirements.
Familiarise yourself with the auction process in advance
Don’t avoid homes that are for auction just because you are unfamiliar with the process.
Ask your Lochore’s salesperson to explain the auction system to you.
Try going to several auctions at which you are not going to bid and be an observer. When you decide to attend an auction to bid for a house, then ask your salesperson to assist you.
There is more than one right home for you
Don’t become too attached to your supposed dream home, particularly if you’re buying at auction. You run the risk of feeling devastated if it’s sold to someone with more money. Be realistic and cool-headed. It is possible that your offer may not be accepted or that someone else may bid higher than you at an auction.
If you find that you are consistently missing out at auctions, maybe you need to adjust your sights and be willing to consider outer suburbs with lower-priced houses and view your first house purchase as a stepping stone to your ideal home.