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Are you ready to buy your first home in Perth? Congratulations! This is a big and exciting step in your life. But it can also be confusing and stressful. That’s why we created this first home buyer guide to help you out. Let’s get started!
Step 1: Save for a deposit
A deposit is the amount of money you pay upfront when you buy a home. It shows the seller that you are serious and can afford the purchase. The bigger your deposit, the less you have to borrow from a lender. To save for a deposit, you can set a budget, cut your expenses, save your bonuses, or get help from your family.
Step 2: Choose a mortgage
Once you have enough money for a deposit, you'll need to choose a mortgage that suits your needs and budget. A mortgage is a loan that lets you buy the property, paid back over time with interest. You'll encounter different types like fixed-rate, variable-rate, interest-only, etc. To make the best choice, research and compare your options using online tools and perhaps consult a local mortgage broker (we have a team who can help you with financing if you haven't spoken to a broker yet).
Step 3: Finding the Ideal Property
The next step is to find a property that meets your needs and preferences. You can start by browsing online listings and visiting open houses to get an idea of what's available and what you can afford. You can also use online tools like property reports and suburb profiles to help you research the market and the area. Once you've shortlisted potential properties, personally inspect them and assess their condition, features, and location. Consider seeking professional guidance to evaluate their quality and value.
Step 4: Make an offer
When you find a property that you want to buy, you'll need to make an offer to the seller. An offer is a formal proposal that states how much you're willing to pay for the property and any conditions that apply, such as finance approval or building inspection. You can make an offer verbally or in writing, but it's usually better to put it in writing for clarity and security.
The seller can accept, reject, or counter your offer. If they accept your offer, you'll need to sign a contract of sale and pay a deposit to secure the property. If they reject or counter your offer, you can either negotiate with them until you reach an agreement or walk away from the deal.
Step 5: Complete the legal process
Once your offer is accepted, it's time to finalise the deal. This involves signing the contract of sale, setting a settlement date, and transferring the property's title to your name. A solicitor or conveyancer will handle most of these steps.
Well done! You have just learned how to buy your first home with this guide. Do give us a call if you need further assistance :)