Buying your first home or investment property is a huge leap into the unknown. First time buyers have so much to do, including researching, finding and financing property, but you'll feel secure knowing you have a specialised conveyancing lawyer on your side.
Finances for First Time Buyers
For first time buyers the financial costs can be the most pressing issue. Working out your budget is something only you can do but we can help by informing you about the hidden costs of buying property so you know what to expect.
Most first time buyers are buying property subject to finance. With my background and experience as a mortgage broker with a national real estate franchise I can give specific advise about getting finance and recommend a mortgage broker if you haven't already got one.
Finance is usually the biggest cause of delays in conveyancing so I recommend you start considering it well before you make an offer, or even start researching properties.
With your budget laid out, including the hidden expenses, you should know how much you can spend on a property and be able to work out how much money you need to borrow.
Often it's not you who decides how much you can borrow but the bank. A mortgage broker will be able to advise you on how big a loan to apply for and what the banks will consider a reasonable amount.
The bank should always have your best interests at heart to make sure you don't borrow more than you can avoid. But ultimately, you are responsible for making timely repayments on your mortgage loan and allowing for unforseen circumstances such as job loss or illness. Even if you are insured against those things it's always better to have a financial buffer than to get into problems.
If possible get a pre-approved loan before you make an offer on a property as that will help avoid delays with the loan. Having a loan refused or failing to get a mortgage sorted is the most common reason property deals fall through once an offer has been made. So getting your loan pre-approved will ensure you a greater chance of everything going smoothly.
When you have made an offer see four key next steps for buyers after signing a contract.
Settlement Day for First Time Buyers
If you've made an offer which has been accepted and then goes unconditional then read our trips on making settlement day stress free.
It's a day when you need to be highly organised and instantly available if needed. Having a qualified conveyancing solicitor to help with your property buying experience should make the day easy for you.
So all you need to do it meet the real estate agent to pick up your keys and take possession of the property then crack open the bubbles.
Are you a first time buyer who's thinking about buying in Brisbane and looking for conveyancing services?