8 MUST-KNOW TIPS FOR SIMPLIFYING THE HOME-BUYING PROCESS BY MORTGAGE BROKER SYDNEY

April 17, 2022 By: Nfinity Financials0 comments

So you’ve made the crucial choice to purchase your dream house. Mortgage broker Sydney asks what now?

Buying a home may be a thrilling experience; it can be the fulfilment of a long-held desire. However, understanding the purchase process may be a minefield. 

Unless you’ve planned ahead of time.

As you begin your search, look for ‘best mortgage broker near me’ and the good mortgage broker will plague you with a slew of following questions:

• How many weekends will I spend looking for a home?
• What should I pay?
• Will I be able to discover my “perfect home”?
• Can I believe what the agent says?
• What if I’m forced to attend an auction?
• What is the state of the real estate market?

You can take a shortcut, but it will cost you more time and money in the long run.

If you’re dead set on locating the “correct” property, you’ll have to put in some effort to get it right.

To assist you, mortgage broker Sydney has put up this “house hunting guide.”

Searching for the right home may appear to be difficult work, but spending a few moments preparing your strategy with the best mortgage brokers Australia will make the entire process easier.

MORTGAGE BROKER SYDNEY SUGGESTS TO DETERMINE YOUR DESIRES AND NEEDS

According to mortgage broker Sydney, there are two issues to address right away:

• Which suburb suits best to your requirements?
• What kind of house or apartment do you want?

Before sifting through hundreds of listings online, take a step back and create a one-page checklist of what you truly want and need. Setting your objectives and determining what you want from the beginning will save you a lot of time throughout your property search.

Are You A First Home Buyer? Beware Of A Loan Shark!

The best mortgage brokers in Sydney advises to consider your current life stage. Can you buy your next house while “future-proofing” it for the next five or ten years? What we mean by “future-proofing” is what is likely to happen in your life shortly that will affect your home buying decision?

• Are you thinking about starting a family?
• Considering a job or city change?
• Considering starting a home-based business?
• Downsizing?
• Do you want a more active lifestyle or less maintenance?

For buying a home, deciding which area is ideal for you might be difficult. Take a drive through the places you’re interested in. Eat at local cafés and restaurants, go shopping, and mingle with the people. Discover what draws individuals to the suburb.

Consider if you want the fashionable inner-city ambience with everything within short walking distance or the peace of the green outskirts.

Perhaps you want to be close to the beach, the harbour or the rivers. Is it important to live near the train station or your children’s schools?

Your budget will also help you decide which suburbs are perfect for you.

GET YOUR FINANCES IN ORDER

When purchasing a new house, you must have your finances in order. There is no use in looking for a property if you don’t have any money. Knowing your financing capability helps you limit your property search to residences in your price range.

Don’t simply seek the lowest interest rate; consider the loan’s flexibility and total borrowing amount.

“The mortgage industry is highly competitive, and financial brokers can help you choose the best alternative. It costs nothing to seek pre-approval for financing, and it will put you in an excellent position to act quickly when you locate your ideal house”, says the best mortgage brokers in Sydney.

CONDUCT THE RESEARCH 

Buying a new house is likely to be one of the most significant decisions you’ll make, and an online property search is a fantastic place to start.

But keep in mind that nothing surpasses viewing a house “in the flesh.” The physical examination allows you to understand what a home offers. You’ll quickly realise that looks may be misleading, and a wide-angle lens is a great tool to make small rooms appear larger online!

Set aside time every weekend to study and visit potential houses. You’ll get a good sense of the market if you look at 50 to 100 homes for sale.  

By establishing a relationship with local agents, they may also notify you of new properties before they hit the market. 

As you visit each house, take notes on what you like and hate – this is critical because it’s easy to forget what you saw four weeks ago.

Schedule inspections of houses you’re interested in at various times of the day.

Take note of any possible noise sources, such as traffic, neighbours or the vicinity of transportation hubs such as stations and airports.

CREATE A SHORTLIST

After looking at a considerable number of houses, you may need to fine-tune your selections. Are you setting realistic goals for yourself?

A three-bedroom apartment is unlikely to exist for less than $500k, so you’ll have to settle for a two-bedroom home. Perhaps a lock-up garage will have to be sacrificed to make room for a car? As a result, think about broadening your suburb search.

It is now time to be decisive and eliminate those properties that do not meet the criteria.

Examine your notes and make a list of three or fewer features that could work for you. Consider and examine the following features:

• Aspect and illumination
• The asking price
• Appeal on the street
• Proximity to stores, schools, and public transportation
• Age and physical condition
• Type of construction (i.e. brick or clad)
• Is there a nice arrangement on the floor plan?
• Kitchen and bathroom designs
• Potential for renovation
• Dimensions of rooms
• Rooms for living
• This suburb has the potential for capital growth
• Maintenance of block size.

This stage will assist you in crystallising your objectives and needs for purchasing a home and creating a realistic shortlist.

HOW MUCH IS IT WORTH?

According to a Sydney mortgage broker, now is the moment to determine the market value of your selected home.

Examine the outcomes of recent house sales and auctions in the area. Make sure to compare homes. Enquire with local real estate agents about recent sales. There is a time lag between when a property is sold and when it appears on the public register.

When assessing the value of a property, a bank valuer takes the following factors into account:

• Size of land, size of the structure (or internal apartment size)
• The property’s age/condition
• Proximity to amenities
• Functionality
• The capability to provide value
• The value of land
• The condition of the local market
• Whether the item is inferior, superior, or comparable,
• For purchasing a home, the real estate market is continuously shifting.

ARRANGE A DEPOSIT

It’s a good idea to save money for a deposit to show any potential lender that you’re a “safe bet.” As a general rule by any good mortgage broker, the larger your deposit, the better – and the less you have to borrow, which will lower your mortgage payments.

ESTABLISH SOLID SAVING HABITS AT A YOUNG AGE

According to mortgage broker Sydney, a history of consistent deposits into your bank account may make it easier for you to get a home loan in the future. As a result, enter a decent savings plan as soon as possible. Create a new budget and try living within it.

Work in the extra costs of property ownership, such as additional bills, repair and maintenance charges, and any more that you would pay for a mortgage; this extra money may go directly towards your deposit.

If you’re thinking to move out, read Why it’s Time to Leave Your Parents’ Basement and Buy your First Home?

EXAMINE YOUR CREDIT HISTORY WITH MORTGAGE BROKER SYDNEY

Verify your credit history before applying for a home loan. Are there any flaws in your record? Perhaps you once failed to pay your phone bill? Any flaws in your record might have a substantial influence on your ability to get a loan.

Fortunately, there are a handful of firms that can supply you with a copy of your financial history and let you know if there are any issues on your credit record that you need to resolve before applying for a home loan with the best mortgage brokers in Sydney.

We’re here to assist you.

Taking the initial steps towards homeownership might be difficult, but it becomes much simpler if you have a strategy in place and a clear route to follow.

Give us a call today if you want to get a head start and start preparing early. Nfinity Financials can walk you through the many loan choices available to you so you can get a jump start on your path and start realising your full potential sooner with mortgage broker Sydney.