Tips from Paul Hill Realty Hope Island When Buying First House
Agonising over what you may have forgotten buying your first home?
When buying your first home there are plenty of things you need to get in order. Some are self-evident, such as getting your finances together, some others are not quite as clear.
Below Paul Hill Realty Hope Island has listed some essentials to consider before buying your first house:
1. Get Organised Early
From home loan pre-approval to First Home Buyer Grant applications and everything in between, you’ll be expected to hand over piles of documents all through the buying process.
Consider keeping an organised record of your payslips, tax documents, copies of various ID (birth certificates, passports, etc), proof of shares, bank statements, written references etc easily accessible.
Likewise, consider whether you will have to have any of these documents certified and get on to this before you even beginning your property search. You don’t want to be rushing around dealing with the nitty-gritty details when you’re prepared to make an offer on a house.
2. Get Thorough Inspections
Before you’ve laid down a deposit, it’s imperative to check off a couple of inspections, especially a pre-purchase building inspection.
You may fear it will defer the purchase or add to your mounting costs, yet this isn’t the section to skip!
A pre-purchase inspection can detect drainage issues, mould, rot, foundation and underlying structural issues as well as a range of other faulty features in the house. It can likewise identify anything needing to be fixed or help gauge expenses of fixes down the track.
Remember this may exclude a pest inspection, which is additionally an essential step.
3. Create or Update Your Will
For many people, buying real estate will be their single largest asset. It bodes well to create or update your will. It’s important that real estate is distributed in accordance with the homeowner’s wishes upon their passing.
If you pass away without a valid will, intestacy laws will apply. Meaning that the law will dictate who receives your assets upon your passing. This could certainly turn into an issue if you do not have any close family, have a former spouse/de facto partner, a blended family or a complex relationship with your family member(s).
No matter how big or small your family is, passing away without a will usually leave behind an unnecessary mountain of stress for loved ones during an already difficult time. Another motivation to have a will is to legally record how you want real estate and other assets to be distributed.
For instance, do you want someone (say a housemate or relatives like a parent or child) to live in your house after your passing but not necessarily inherit the asset itself? Put it in your will. Would you like to give your real estate and your household assets to various individuals? Put it in your will.
Understanding the ownership of your real estate is additionally essential.
For instance, ‘did you buy real estate with another person?’
If ‘yes’, you need to be aware that if you own real estate ‘jointly’, a surviving co-owner will naturally receive your share of the real estate when you pass away regardless on the terms of your will.
While, if you own real estate as a ‘tenant in-common’, your share of the real estate will be distributed through your will.
In the event, that you need assistance preparing a will
or recording unique wishes in regards to your estate – book a Will Consultation. With a professional will writer, they guide you through the process and create a will for you.
Otherwise, if your circumstances are straight forward and you have the confidence that you can do it yourself, an Online Will is a great option.
4. Update your Insurance Policy
When your contracts are signed, you might want to update your insurance quickly. While laws vary between states regarding obligation regarding the house during the settlement period, usually you need to get building insurance to cover your purchase ASAP.
Furthermore, contact your insurer to guarantee your contents are covered during and after you move into your new house.
Starting early on this step may permit you to review your insurance policy and compare it to others on the market. Who knows, you may save yourself money at a time when it is desperately required.
5. Triple Check your Budget
When buying a house, prepare yourself for the hidden costs that may emerge. When figuring out how much you can spend on a house, make certain to incorporate stamp duty (in Qld, NSW, WA, and Victoria), council rates and Lender’s Mortgage Insurance if you’ve saved a deposit under 20%
Some hidden costs might be one-offs, while others you may have to pay more than once, like conveyancing, building inspections, loan application fees and more. These can be especially agonizing if your journey to homeownership is long and full of false starts or unsuccessful offers.
Looking for a Reputable and Professional Real Estate Agent on the Gold Coast?
Paul Hill Realty’s office is located on Hope Island Road, Hope Island. They have sold and managed residential properties all over the Northern end of the Gold Coast. Paul Hill Realty Hope Island is your best choice in property sales and management.
Learn more about Paul Hill Realty Hope Island – click here.
Get in touch with one of our experienced team at Paul Hill Realty Hope Island by calling 07 5577 1888.
