JOEL HOOD PROPERTY FIRST HOME BUYER HINTS

At Joel Hood Property our favourite past time is making people happy! What better way to make someone happy then helping them find the perfect home? Especially if it is your very first home! 

We have the pleasure of working with buyers and vendors all over the Mornington Peninsula with some of the areas absolute best real estate. We know Mornington Peninsula property like the back of our hand! We also know that buying your first home is an exciting but stressful experience. You can take the stress out of the equation by doing a little preparation prior to making the big plunge.

Whether it's a new apartment or an old one, or a house to call your own. Finding an affordable home isn't always easy for anyone starting out. And in all the excitement of going house hunting, it's all too easy to forget some of the important factors you need to consider. The following are some of the most common tips first-home buyers receive at the family bbq over the holiday season.

GET PRE-APPROVAL! 
Just knowing you qualify for a home loan is not enough. Before you start looking at properties, go to lenders and find out how much they are willing to lend you. This will help you focus your attention on houses within your budget, so you can avoid the disappointment of finding your dream home and then learning you can't have it yet.

UNDERSTAND YOUR MORTGAGE OPTIONS
Getting a home loan can be tricky, save as hard as you can for as long as you can for a deposit then shop around the banks, lenders and mortgage brokers to compare deals. Get advice from a variety of lenders and discuss all your options with them. If you need help finding the right one, let us know and we'll be able to provide you with a few options that we've recommended before and received rave reviews for. 

BORROW SENSIBLY 
Many first-home buyers sometimes get a little carried away and borrow to their limit. This can stretch your finances to the limit and will not allow you to make improvements to your property when you move in; worse still, you might not be able to afford to enjoy a life in your new home! 

GET TO KNOW THE MARKET
The Mornington Peninsula real estate market is ever evolving so it can sometimes be difficult to staying on top of the property values across the area, but it is important to know what's happening in the market so you can make an informed decision. Our buyer's managers are some of the best on the Mornington Peninsula and are always happy to help with the process, simply give us a call and let us know what you're on the look out for. We'll keep you informed with any properties that are or are about to be available that meet your requirements.  


FACTOR IN ADDITIONAL COSTS
When you buy a home, you pay more than just the cost of the house. Some of the additional costs include:

Home insurance
Moving costs
Stamp duty
Council rates
Transfer fees
Bank fees
Change of locks

Underestimating or forgetting to factor in these and other costs can hurt when the time comes to move in. Know your costs and budget ahead of time and you won't be losing sleep when you move into your new home, except for being too excited to sleep! 

CHECK YOUR EMOTIONS
Buying your first home is an emotional experience, so it's too easy to let your emotions blind you. If you try to keep a cool head and find the right house that you can grow with, it may take longer to find your first home, but it will be worth it. 

If you would like assistance with finding your first home on the Mornington Peninsula then please CONTACT US! Any of the Joel Hood Property team are happy to help you with your real estate needs wherever we can! As the property experts on the Mornington Peninsula we're a great team to have on your side during your search. 

Do you know what your property is worth?

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