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[F321]First Home Buyers Loans

by Gemma Williams, Gem

With the booming property market in WA and the basic price of a home reaching around $350,000 home buyers are finding that purchasing a home is almost out of reach for those in the low to middle income bracket and especially first home buyers. Entering into the property market has never been more important than in recent years to build equity and realize the ?Aussie dream? of owning your own home. If you are in the position of buying a house in WA then there are some important steps to follow for successful home buying.

Firstly get yourself a pre-approved home loan before looking at properties. This will give you an advantage over other home buyers that may be interested in the same property as you plus you will have more negotiating power. Shop around to find the best interest rates and a loan type that suits your circumstances. Make sure that the properties you are looking at are affordable in comparison to your income, monthly expenses, loan repayments and any future increases in interest rates. As a general guide, loan repayments should not exceed 36% of your gross monthly income. Lenders will want you to provide evidence of your income, savings and deposit history to secure a home loan.

Identify the search parameters of the type of house you are looking for including the number of bedrooms, bathrooms, living areas, outdoor entertaining, size of the block, whether you need a carport or garage, a new or older style home? Ask yourself what your favorite suburbs are and which locations actually fit into your buying budget. Do they have the local facilities that you need such as medical, banking, shops, trades and services, restaurants, video stores, post office and schools? Once you have worked out the type of house you are looking for and the location, then research the papers and internet for listing prices and the prices properties in those areas have recently sold for.

Negotiating a Sale Price
When you have found the ideal home for your needs then with the help of a buyer agent, or if you are dealing directly with the sellers agent you will need to decide on a starting offer. Compare recent home sales in the same area to the sale price of this home and its specifications, a reasonable first bid offer can be 5 to 8% lower than the listed price. You can negotiate the sale price with the seller from there, if any repairs need to be done to the home then factor this into the sale price.

Once the sale price has been agreed upon by both parties then a settlement date needs to be set, usually 45 to 60 days from the contract signing date. Make sure that your offer is subject to finance being successfully obtained and a house inspection report being completed prior to settlement. Thus if any significant construction or pest issues are discovered the sale can be re-negotiated and repairs made, or the offer to purchase rescinded. A deposit of 1 to 10% of the purchase price is usually required at the time of signing the contract and is paid to the agent to be held in trust until the property is settled.

Buying Tips

?Insist on a pest and building inspection being carried out prior to settlement

?Check and more importantly ask if there are any illegal building additions that have been made to the property ie. completed without local council approval.

?Also ask if the property has any restrictions or covenants.

?Identify all the costs associated with buying the home including stamp duty, settlement agents fees, legal fees, loan application fees, council rates, water rates, title transfer fees, building inspection costs, removalist fees, re-connection costs of utilities and add these costs into your budget.

?Include a settlement inspection in your purchase contract list of inclusions to be carried out 1 to 2 days prior to settlement. This way you can ensure the property is in the same condition as when you viewed it at contract signing. If any repairs need doing then confirm this in writing with the seller.

?Make sure that everything discussed and agreed to with the seller and their agent is put in writing, citing all purchase conditions and inclusions on the contract of sale.

Buying a home is a big investment emotionally and financially, being prepared throughout the purchasing process will help you avoid many common pitfalls that unwary buyers face.

? Brendan Leahy Real Estate
www.blre.com.au

Coldwell Banker Residential Brokerage in Scottsdale, Arizona is extremely aggressive when talking about putting your needs first, and making sure your best interests are represented. There is always two sides to a Real Estate purchase contract. There is usually a buyer, and a seller. It is rare when one firm represents both sides, but is absolutely legal as long as both parties agree and sign documents allowing one firm to represent both sides. Depending on which side you are on will determine the course of action a firm will take with you.

Scottsdale, Arizona Coldwell Banker Residential Brokerage help people buy and sell homes all over the state in cities such as Scottsdale, Phoenix, Paradise Valley, Mesa, Chandler, Gilbert, Cave Creek, Peoria, Coolidge, Queen Creek, Avondale, Buckeye, Tempe, Surprise, Glendale, Anthem, Casa Grande, Apache Junction, and all the metropolitan area cities just to name a few. When purchasing a home, just let your Realtor know which city, which zip code, which school district, or which neighborhood you want to live in. Real Estate agents are unable to steer you in a certain direction, so it is important that you have a good starting point for your Real Estate professional.

When purchasing a home, tell your Realtor what is important to you. Let them know what amenities are important to you and they should be able to help you find what you are looking for. A Realtor will do a search on the things you tell them. Real Estate agents can search available homes by price, city, zip code, square footage, year built, type of roof, size of the lot, school district, and style just to name a few.

Once you have found a home in your price range, your Realtor should represent you through the purchase contract. They should make sure that everyone one involved in the purchase contract are on the same page. Your first step when purchasing a home is to get pre-qualified for a loan. If you have a lender that you work with, that lender will be able to tell you how much you are qualified for, and what your price range is by analyzing your finances. This process usually only takes a few hours. If you do not know of any lenders your Realtor should have a good recommendation.

When selling your home, a good Realtor will come to your home, take pictures of the home for marketing purposes, and get all the paper work filled out and signed. Once all the paper work is filled out and signed, the home should be on the market within a few hours. Good Real Estate firms will market your home effectively by putting your home on the MLS, in newspapers, in magazines, send out mailers to the neighbors, put a sign in the yard with info tubes, and hold open houses just to name a few.

With Scottsdale, Arizona Coldwell Banker Residential Brokerage, your home is featured on several national and local websites. So many people are moving to Arizona so it is extremely important to attack the out of state markets. The more exposure your home gets, the more chance it has of selling. When discussing home selling in Arizona, with the current market conditions, it is extremely important to price your home correctly. If you owe more than your home is worth, it may not be a good time to sell.

Real Estate markets are cyclical. What goes up may come down. Unfortunately, no guarantees can ever be made by a Real Estate agent. However, a good Realtor will answer all of your questions, have all of the paper work ready for you, and represent you in an ethical manner. A good agent will hold your hand through the entire process. For those home owners with lots of experience buying and selling property, they usually know the drill. Scottsdale, Arizona Coldwell Banker Residential Brokerage may be a good choice when seeking representation in Arizona. We can schedule a free, no obligation consultation on any of your Arizona Real Estate needs or questions. Please visit the website below to get in touch with a qualified, aggressive, honest, professional agent

Article Source : Home Buyers Guide

About Author

Both Gemma Williams & Nicholas Mcconnell are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Gemma Williams has sinced written about articles on various topics from Home Buyers Guide. Gemma Williams has a Diploma of Marketing from TAFE and a Commerce Degree, majoring in Marketing and Commercial Law. Gemma is the Marketing Manager of Brendan Leahy Real Estate, Kelmscott. Brendan Leahy Real Estate (www.blre.com.au) specializes in House. Gemma Williams's top article generates over 14800 views. to your Favourites.

Nicholas Mcconnell has sinced written about articles on various topics from Arizona Property, Home Buyers Guide and Arizona Property. Nick McConnellExecutive Sales Associate for Coldwell Banker Residential Brokerage in Scottsdale, Arizona. Lived in Arizona all his life, Graduated from Northern Arizona State University and has been a Realtor ever since.. Nicholas Mcconnell's top article generates over 14800 views. to your Favourites.