All You Need To Know Before Buying A Home
Getting a nice home for oneself is like completing a major part of the happiness ‘Jigsaw’. But the nicety and persevering beauty of your home will depend upon how you follow these home buying tips.
Down payment options
Talk to a financial broker and find out what down payment structure may hold you well in a long run. Learn about the Private Mortgage Insurance (PMI), something that you must know if your down payment is less than 20%.
In this regard, also keep a track of your equity and get rid of the PMI as soon as the equity touches 80%.
If you are a First Home Buyer, you can avail grants that offset the down payments, sometimes bringing them down to as less as $100.
As a buyer, it is your duty to conduct your homework before buying a home. Find out as much about the neighbourhood as possible. Look for any compliance restrictions posed on the locality.
Learn about any possible easements that might handicap your plans of modification on a later day; for instance, a neighbourhood sewage line running through your prospective property.
Your buyer’s agent will be competent enough to conduct the diligence bit on your part but it is always good to do your own ploughing.
Look deep when you are inspecting a home. Often, the aesthetic beauty of a home entices us and we forget to check on the structural and utilitarian aspect of a home.
You will be served well by the example of a homeowner who forgot to look deeper into the beautiful basement walls.
In due course, he found rotten timbers coming out of them; needless to say the mould formation and an army of bugs.
Sellers may not possibly tell you about the lack of council approvals. If anything, such knowledge will allow you to negotiate better on a property.
Council approvals are barred for a wide repertoire of reasons. Poke the vendor or his agent into confessing the pending approvals.
Seek a cost estimate for the approvals (after all, you might be a seller on a future date) and negotiate for the property after offsetting the cost.
When seeking home insurance, learn in depth about the premiums and deductibles. Also, read twice or thrice about the ‘endorsements’ and ‘exclusions’ of the agreement.
Remember, a smart home insurance not only protects your home but also indemnifies your assets.
Property and liability insurance should move hand in hand, insuring your health till you are within the property ramparts. Think about injuries suffered by homeowners due to a fire breakout at home- you must have got the idea?
A capable buyer’s agent
Find a buyer’s agent who is well-versed with your area and has your best interest in his/her mind. The grooming of the agent is just as significant as his/her knowledge of the craft. It is advisable to seek recommendations before hiring an agent.
Tip- Capable agents always have a very strong word-of-mouth going for them.
If you are looking to buy a home in Sydney, especially in the Eastern Suburbs, why not contact me today?