Guidelines for Buying your First Home - Real Estate Global Network

There are many things to consider when buying a new home, but buying your initial home is harder than buying any other home for a number of reasons. Here, we will explore ten guidelines for buying your first home.

Plan Before Buying
It may be a buyer?s market, and the $8,000 home buyer tax credit may be a benefit, but that does not mean it is the right time to buy for everybody. You need to be ready, have your finances in order and have a secure job before making the decision to move into a new home.

Calculations are key
The purchase price is not the sole fee you have to pay when buying a new home. You need to be ready for insurance, taxes, maintenance and that is only scratching the surface. If you are worried about fees, scale back with your maximum purchase price in order to cover the other fees.

Help for First Time Buyers
Everybody understands the struggles a first time buyer faces when buying new homes. However, there are various schemes out there that have been set up to help first time buyers. Make sure you take advantage of everything that is available to you.

Have a Back up Plan
You must have a contingency plan at every stage of your purchase. Furthermore, make sure you are protected in any contract that you sign.

Offer the Right Amount
It is a buyer?s market at the moment, and you should not be afraid to put in the research in order to make what you deem to be a fair offer. If you back up your offer with several reasons, a seller will be more inclined to accept. However, if you make an offer and come in well under for no reason, you will probably just be dismissed.

Watch out for Estate Agents
An estate agent may try to be your friend, but they work on commission. Watch out for any estate agent trying to take advantage of you as a first time buyer.

Do you Have Kids?
A lot of first time buyers do not have children and do not intend to for several years. If this is the case, then do not buy in an area with schools. Houses next to schools tend to fetch more, which means you will get better value for money elsewhere.

Pre Approved Loan Must Come First
Before you do anything in terms of buying your first home, make sure you have your pre approved letter in hand. Having this will allow you to know your price range. It will also show estate agents you mean business.

Check for Foreclosures
Even though the process for buying foreclosed homes is a bit harder, you will generally get a much lower price on these types of homes for first time buyers.

DIY
If you can take on the price and demands of a property that needs work offers, then make sure you do it. First time buyers can get a strong foothold in the market if they get this right.

If you are looking to buy a house and land package in Brisbane or a new home in Sydney then making sure you follow the above ten steps is invaluable if you are a first time buyer.

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