Buying a new home is a significant purchase that requires careful consideration. Aside from the financial side of the home buying process, you want to make sure that your rights are protected throughout the process.
Wellington conveyancing lawyers can help you throughout the settlement and title process to ensure that the seller is meeting obligations under the contract. You’ll receive a comprehensive report detailing the legal title, contract and other supporting documents from the seller.
But before you put an offer on a home and seek a lawyer’s help, you need a plan to find the right property.
Know when to buy
If you have the luxury of time, it’s best to wait until market conditions are in your favour. You’re likely to get more options and better rates when there are more sellers in the property market. You’ll have the upper hand in negotiations with fewer buyers and more sellers.
You can also make a list of all the properties you are interested in and see how long they stay on the market. Also, take note of the changes in the asking prices for each house, so that you will have an idea of the housing trends in certain locations.
Determine your budget
Determine how much budget you have for purchasing a new house and consider certain events that might increase your living costs. This will help you make sense of how to budget monthly expenses to afford a new property and will give you realistic expectations of the current property market. Once you know your budget, you can sort through different types of properties, skipping the ones you cannot afford.
Lenders recommend that homebuyers look for properties that cost no more than 28 per cent of their total annual income.
Work with a real estate agent
Real estate agents have years of experience with property buying and selling, making them valuable partners for purchasing a new property. They can provide you with useful information about the property market and help you find the ideal home for your budget.
Another benefit of working with real estate agents is that they know about future developments in different areas, so they can give you an estimate of your property’s value in the coming years.
When you’re still unsure about a property, think about all-important factor in purchasing your home: location. You can always remodel an outdated, less-than-appealing home. But you can never alter a bad location.
Buying a home is a big decision, so consider it carefully. And you will find the right property in no time at all.