How to Buy Your First Home

Buying your first home is probably one of the biggest decisions you'll make in your entire life. It's one of the most confusing too. There are just so many things to consider that it seems like an insurmountable task. Don't fret, though, since we'll share with you some tips on how to buy your first home. Ready? Let's get started:

  1. Before You Pick a Home. The first thing that you should do is find out if and how you can afford your property. This involves taking a look at your cash flow to see where your money goes. This would also give you an idea which expenses you could give up in order to have the funds you need to acquire a home. Small expenses such as your daily trips to Starbucks do make a huge impact once you consider how much you spend for these in a year.
  2. Compare Home Loans. After you check your finances, now you can finally shop for a home loan. You could ask your friends and colleagues for recommendations, do your research online and on magazines, and ask lenders directly. Check out your options before making a choice, as this ensures that you'll get a deal that fits your needs and budget.
  3. Shop for Properties. This is probably one of the most exciting parts of the entire process. This is where you finally get to go around and pick properties that you like. At this stage, you'll need the help of professionals such as solicitors and real estate agents. They can help facilitate the entire process for you once you decide to buy a particular home.
  4. Buying the Property. Let's say you finally found a property that you like that's also within your budget. Before you buy it, perform due diligence to ensure that everything's in order, including the state of the property. You want at least one that is in fair condition. Once you're happy with the property, make an offer. When you and the seller finally agree on it, that's when you can finally go through the process of acquiring the property. Again, having professional help can make the process easier for you.

Buying your first home can be quite challenging but it's all worth it in the end. You can even speed up the entire process by working with professionals. Sure, you might have to spend several hundreds of dollars on professional fees, but at least you'll free yourself from a lot of stress. Speaking of professionals, contact our professional advisors at Rate Detective if you're looking for a home loan. They will look into your personal circumstances and provide you with comparison rates of Australia's top lenders. This will help ensure you that you're getting the best deal that's tailor-fit to your needs.

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Published on November 11-th, 2012 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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