3 considerations to make as a first home buyer

Have you spent what seems like a lifetime to save up for a home? That’s great! This is one of the biggest hurdles any homeowner-to-be must overcome.  Your next challenge is to find the loan you can afford and still be able to pay for the home. This can be quite difficult, especially if you have never worked with loans, let alone purchased a house before.

Fortunately, there are some things you can do to make it easier, and that includes talking with a lender to understand what loans you have access to and the costs associated with them. Apart from talking with your lender, here are the things you must consider to purchase your first home successfully:

1. The details

When it comes to details, we are talking about the personal touch in the home. This includes minor renovations, such as upgrading the power board, replacing the plumbing, and so on. These may not seem like problems to you, these can lead to surprise costs that end up being a heavy financial burden.

With that in mind, conveyancing is another thing you should consider. It can help you attain proper ownership of the home easier, making it a much less stressful endeavour.

2. The renovations

If you are purchasing a slightly run-down property, you will need to do some renovation.  Therefore, it’s vital that you estimate the cost and set aside some money for it. For example, a new kitchen or bathroom can cost tens of thousands of dollars. Needless to say, there are many other renovations you can make, but they will all cost you some substantial amount of money.

Prices can vary significantly depending on the scope of your renovation project. For that reason, reaching out to contractors to give you a rundown of possible posts can help you understand how much you are going to spend.

3. The long-term plans

In the long term, your main goal is to increase the value of the home you own. Should you ever want to sell in the future, you can profit. One of the most effective long-term plans we have already mentioned is renovations. With renovations, you can essentially upgrade the home, whether it be improving the kitchen, installing solar panels, or investing in any other changes in the house.

In your long-term plans, always remember that there is a cost to be covered. Be sure to know that you can cover these costs first before you make any plans, and in the long run, not only will you be able to avoid financial stress but maximise your home’s value.

Conclusion

Remember, a home is one of the most expensive investments you’ll ever make in your life, and getting it right the first time is crucial to saving you nightmares.

As such, take the time to budget for any surprise costs, analyse the home for hidden problems, accommodate for long-term plans, and more to ensure you are a happy homeowner who is proud of their first home purchase. Bickell & Mackenzie is a family-owned law firm in the Redlands area, specialising in conveyancing, family law, wills and estates administration, and business law. Reach out to us today and enjoy our conveyancing service in Redland Bay.

 

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