Buying a house is a life-changing decision that requires a lot of planning and preparation. There are some factors that you can consider and make decisions on early in the process to help things go a lot smoother further into the process.
Below, we have outlined some of the key things you should know and consider before you fully commit to buying a house in Townsville.
Be realistic with your budget
Being realistic with your budget is essential before even starting the hunt. A house is a huge investment, so it’s important to make sure that your finances are in order first.
You don’t want to set your budget unrealistically high as you may fall in love with a home only to find out you can’t actually afford it!
It’s also important that you consider the silent costs that come with the purchase of a new home, including the council rates for the area, stamp duty, any loan fees and insurances.
These costs can easily be forgotten about during the viewing stage, but it’s important to weave these costs into your final budget so you’re not left short.
Understand the current local housing market
It’s extremely important that you understand the local housing market before buying your new home. This gives you a better idea of how houses are currently being valued and whether there may be some room for negotiation.
One way to find out information about the state of the current housing market is by contacting a local estate agent. Ask them what kinds of properties are available in the area. You can also do your own research online.
Establish what you’re looking for in a new home
Purchasing a new home is a big deal, which is why it’s important that it’s right for your needs. Being able to explain to an estate agent what kind of home you’re looking for will improve your chances of finding the home you want quickly.
These ‘wants’ need to be realistic to the area you are looking in, as well as realistic for your established budget.
Sometimes, it’s more important to let your estate agent know what you will need in your new home, rather than what you want – for example, you may need three bedrooms and off-street parking but want a swimming pool and a large yard. Be prepared to make some compromises.
Be ready to make an offer on a house
Being prepared to make an offer on a new home makes the purchase process a lot simpler.
You can get pre-loan approvals from lenders, if this is required, prior to looking for a new home.
Doing this before you start your active search is advantageous and allows you to negotiate on prices comfortably and confidently.
What’s more, if you end up in a bidding war with another buyer, having a pre-loan approval could put you in a favourable position with the seller, especially if the other party doesn’t have one.
You can view our latest local houses for sale in Townsville online here. We have a wide range of property types available across Townsville and the surrounding region.