3 things you should do before buying

Buying season is upon us and while buying a property is super exciting it can also be very stressful. As mortgage brokers we often see both sides of this and are always here to help our clients along the way

To help prospective buyers on their journey I spoke to Dara Galavan, Licensee from Residential Realty to get his tips on buying to try and eliminate those stress points.

Understand the Costs

Make sure you understand all the costs involved with buying a property – there can be conveyancing fees, loan fees, stamp duty fees and mortgage insurance all payable at settlement. These costs can add a significant amount to the final purchase price, which sometimes catches people unaware.

Speak to a broker

If you have started looking for that perfect house, it is best to know how much you can actually borrow before you start looking. A broker is invaluable in this case as they will assess your financial situation and advise on your ability to borrow. They are paid by the banks so there is no cost to you and they may have access to better finance deals then you see advertised. They can also help you understand the mortgage document so you fully understand what you are locking yourself into.

Research the market

Make sure you do your research and understand the suburb you are looking in. Look at all type of properties in a suburb so you get a good idea of what is available and for what price. Some streets will be better than others and it all depends on location to amenities, major access routes, beaches, shopping and other factors. Speak to your local agent about any upcoming plans for the area as they should have that information.

There are some great tips here and should always be used as a rule of thumb. As a mortgage broker if you are actively looking I would always advise to get a pre-approval in place, it not only strengthens your position as a buyer but it means when you do find that space you can move quickly and get the deal done.

I think the overall most important thing is to be prepared and organised even if it’s not your first purchase things may have changed since you bought your last house so its important to check things out thoroughly.

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