Things You’ll Need To Secure Your Dream Home

Buying property is something most of us have little or no experience in. Whether you’re buying your first or last home, these expert tips will help.

Adelaide homeowners retain their properties for about nine years on average. So, if you haven’t bought a property for one or more decades, or you’re a first home buyer, you’ll need a plan to help secure your dream home.

Making a rushed or ill-considered property purchase can be a costly mistake, given the median house price in Adelaide is now close to one million dollars. But when you approach the home buying process strategically, you are more likely to be successful.

The key things you need to be mindful of are finances, property research, and the actual buying process:

• Analyse your spending before seeking a mortgage. List the cost of essentials (rent, bills, food etc) separate from the things you can do without, so you’ll know if you have wriggle room when it comes to managing your mortgage repayments.
• When considering your future budget, remember to compare the ongoing costs of owning a Strata, Community or Torrens titled property. Strata fees can be a significant expense on top of mortgage and rate payments.
• Dive into the nitty gritty of comparable home loans or engage a mortgage broker. Over the course of a 30-year mortgage small differences add up!

• Especially important for first home buyers, make an early decision to rentvest or live in the home. Why? Because it is a condition that affects first home buyer grants and determines an owner-occupier loan vs an investor loan.
• When you’ve made that decision, decide what type of property to buy - a unit, apartment, townhouse, or freestanding home.
• A buyer’s agent can be a huge asset during the property research stage. Aside from helping you find the right property and negotiating the price or bidding on your behalf, their support, knowledge and advice could prove invaluable.

• Create “must-have” and “would be nice” lists – but be prepared for items to move between the two. Often what you begin thinking is essential becomes just desirable as you navigate the property market. Don’t stress about small stuff that can be changed, such as gardens or colour schemes. Instead, focus on important aspects such as the location, local amenities, condition of the home and whether the available space will meet your future needs.
• Be prepared for disappointment, because in a competitive market there will be homes you love but you won’t succeed in buying. While there can be emotional ups and downs, remember that another fabulous property always comes along!
• Do your due diligence. Always get a building and pest inspection from an accredited professional – even if the home is newly built.
• Remember, everything is negotiable. Not just the price, but the settlement period, the amount of the deposit and the inclusions/exclusions. But if you buy under auction conditions you need to negotiate the conditions before auction day. When the hammer falls the successful bidder is bound by the contract terms, with no cooling-off period.

Take your time finding the right property and arm yourself with the knowledge you need to finish the job by saying, ‘we bought our dream home!’

If you’re buying a home in Adelaide, get in touch. Our friendly real estate agents may have just listed your ideal home for sale, or perhaps we can arrange a private inspection of our off-market properties. Call us today or pop in and say hi – we’d love to help!