Buying property can be a daunting process. For most people, buying a home will be the single biggest expense of their lives and the longest financial commitment they will enter into. However, with careful planning becoming a homeowner can be both personally and financially rewarding. Urban Home Loans is here to make the process as straightforward and stress free as possible, helping you find the perfect loan as quickly as possible.
If you are looking to buy a house in Brisbane, keep these four tips in mind.
1. Get preapproved
When you first contact Urban Home Loans we will calculate your maximum borrowing amount and submit this figure to potential lenders for preapproval. Being preapproved for your loan means that you qualify to receive finance and can afford to make the proposed repayments. The housing market is competitive, so being able to quickly secure finance is important, preapproval makes processing a loan more efficient.
2. Research, research, research
Buying a property is a significant financial investment, so it is important that you have a clear understanding of the short term and long term costs and opportunities of your potential home.
The location of your future home will play a big role in its current and future value. By researching median sales prices, average rent price, and the capital gain experienced by the area you will gain a greater understanding of the value of the area. These figures, along with the availability and demand for housing, can reveal trends which may affect your decision.
An Urban Home Loans finance broker can provide you with a statistical report on a property you are interested in.
3. Inspect the property
Thoroughly inspecting your potential home will save you from being surprised later on. Photos can be misleading, so it is best to see the property in person. It is also important to consider the surrounding community and if it would be suitable for your lifestyle. By visiting the property at different times of day, you will gain a greater understanding of the noise and traffic conditions in the area which may affect your decision.
4. Be clear when making an offer
When making an offer on a property it is essential that both you and the seller are on the same page.
An offer is a formal, legal document so be sure that you have included appropriate clauses for finance and inspections.
Be sure to check if moveable items like air conditioning units are included in the sale as they may not be.
The right house with the right mortgage comes with an array of benefits, both personal and financial. Taking your time to carefully consider your investment will pay off in the long run.
Call us on 3841 3841 or book an appointment on the right.