Buying a new house is an exciting prospect but also a challenging one, especially for a first-time buyer. But there are plenty of new construction homes available so here are some tips to help you get the right one.
The benefits of proper research and preparation cannot be over-emphasised to buy a house in Cairns. Leaping into something without planning can cause much heartache as well as unnecessary expense.
You need to be ready for the commitment, which normally means having a stable lifestyle and a secure job to support the investment. Decide on the type of property you need, which will not only be based on the style and location but also the number of bedrooms, bathrooms and the overall space you require.
This is exceedingly important because it will determine the type and size of house you can afford. Start by looking at your credit file to find your credit rating, which will determine how much you are able to borrow. If the rating is bad, improve it by paying off credit cards and other debts, reducing credit card limits and terminating unused cards.
Consult a financial adviser or lender to find out what you can borrow and the terms of the loan. This will be better and cheaper if you provide a minimum 20% deposit since this will avoid the need for Lender’s Mortgage Insurance, which is an additional cost. Allow for other costs, such as stamp duty, legal fees, insurance, moving costs and building and pest inspections so you have enough money to pay for everything. If so, get pre-approval for a suitable loan so you’re in a position to move quickly once you find the house you want.
If buying a new home, there are many house and land packages in Cairns to choose the exact combination you need. This is often cheaper than buying an established property and gives you more flexibility.
Always be practical so you’re not carried away by emotions and buy something unsuitable. The most important factors are that you buy a home you really like and which works for you in terms of the number and size of rooms as well as the overall plot. Don’t go over your budget and be aware of ongoing costs you’ll have after buying the house.
Once you’ve found an affordable property you like, do some checks before finalising the deal. Make sure it’s a good location with suitable amenities, infrastructure and transport links.
For an established property, it’s essential you pay for structural and pest inspections to ensure you’re not buying problems that will cost you a lot of money in the long-term. If you’re choosing new houses to buy, however, they’ll be covered by a ten-year warranty so you’ll avoid that expense.
If buying an established property, you may be able to make an offer but need to be realistic. Going too low may lose you the deal to a higher bid while too high will mean you’re paying over the odds. Get a professional valuation and look at other local properties for a proper idea and, if you’re bid’s accepted, it’s just a matter of completing the legalities and moving in.
As Cairns builders, we’ll always have plenty of suitable properties in good areas at the best prices. That takes many complexities out of the process so you can find the home you want.
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