For most first home buyers, the payment for their home is the first biggest transaction of their lives. For the majority of first home buyers, this transaction is made with the aid of a mortgage and the process of obtaining one can be rather overwhelming. Understanding the way in which lenders look into your financial history and figuring out just how much you can afford to spend on the loan on a monthly basis is a must. You also need to think about the size of the down payment before even looking at a real estate brochure.
Here are the 4 most important facts to consider before you start the search for your first home.
Your credit rating
In addition to your deposit and interest, first home buyers also have to think about stamp duty which will come up to 3% - 5% of the home price. The stamp duty is different for each state. You will also need to set aside some money to pay the legal fees for your conveyance or lawyer. Additionally, you may also have to pay a pest inspector and builder to check the home before you strike a deal.
If you are buying your first home, be sure to contact Capital Wealth Property for unmatched financial and real estate advice. Professional advice from an experienced realtor will help you set your budget, choose the right home and get through the buying process with minimal hassle.