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What do I have to do to buy a house for the first time?

 

What happens when we have to face the decision to buy a home? On many occasions we feel lost due to the lack of information or even overwhelmed by the large amount of documents and data that you must collect for this process.

Aware of how important it is to be informed, we have compiled the main steps of the purchase process that you should take into account.

buy a house

1. Know your budget

As your starting point, it is necessary to know the maximum amount that can be allocated to the purchase. From Property Buyers by Arnold property we recommend that the amount you allocate for this purchase is not greater than 30-40% of your stable monthly net income. In addition to this calculation, it is important to consider the money saved with which you have available, since financial institutions generally grant you up to 80% of the total value of the property.

2. Choose the payment method

After the first phase, knowing what budget you have, it is time to decide how you pay for the new property:

  • The payment on the spot: Assumes the total outlay of the price agreed with the seller.
  • The mortgage loan: All loans normally have the own home acquired as a specific guarantee.

Normally, banks offer up to 80% of the value of the property, 20% has to come from the buyer's savings. You must also assess the term in which you want to repay the loan, since in the longer term, the monthly payment will be tighter, although logically the final interest charge increases. Before deciding, it is important to have different offers from banks, in order to assess the offer that suits you best.

3. What type of home do I buy?

Once you know your budget, start the search for the property. The new house or property, does not require reforms. On the other hand, in the case of the used house, it is recommended several previous visits to know in detail its condition. At present you can search in different sites such as the Internet, real estate agencies, the press, etc. According to the latest data from the sector, 75% of users search for a home online.

4. What bank do I choose?

It is important to buy the different options that different banks present us. Once one of them has been chosen, you should know that for the granting of this mortgage loan the home must be appraised, in addition, for the constituted mortgage to be valid it must be registered in the Property Registry. In this case, it is the financial institution you choose that will be in charge of managing the registration of the deeds prior to the mortgage.

5. Know the community restrictions

In all countries there are quite strict rules in neighboring communities and Australia is no exception. It is important that you not only like the house you are going to buy, but the lifestyle that the community offers you. However, with them can come a lot of restrictions, so you need to do your research first.

6. Review all documents before signing

You don't have to be a specialist to understand the basic aspects of the contract, but when doubts arise, it is important to have professional support to consult. Every contract at a glance must say start and end dates, amount of money as deposit, description of the property and penalties.

To facilitate you with the entire property purchase process, from the search to the formalization of the purchase and so that you have a guided orientation, we recommend that you hire the services of Arnold property who, in addition to advising you throughout the purchase process, will do all the paperwork and will provide you with the best housing options that are on the market and that suit your budget and lifestyle.

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