Buying a home for the first time is one of the most exciting and important decisions you will ever make.
The process though can seem complex and overwhelming with many legal aspects to consider.
Every day we help people navigate all of the legalities involved in buying a property, from conveyancing to Wills and estate planning.
So here are our top tips for first time home buyers.
- Set a budget – you should set yourself a limit for your purchase and stick to it. The budget needs to be based on how much you can borrow, but more importantly how much you can realistically afford in terms of ongoing mortgage payments. How much are you comfortable spending? Once you have a budget in mind, stick to it. You should try and reduce any debts you have, such as credit card debts and save as much of a deposit as you can. The larger the deposit you have, the less interest you will have to pay.
- Conduct your research – once you know what kind of home you would like you should consider location. Research the area and what services and infrastructure are available in the area. Consider transport links, shopping, schools and development plans in the area. Check how much properties have sold for in the area to give you an idea of what you can afford. Once you have narrowed down your search to a specific property, check that it meets your criteria. What is the immediate area like? What are the neighbours like? Would this property and area suit your future needs?
- Consider a mortgage broker – a mortgage broker can help you understand the different loan options available to you and help you select the most appropriate loan for you. You should ask around your network of friends and family for mortgage brokers they have used and would recommend.
- Identify and apply for eligible assistance – if you’re buying property in Australia you may be eligible for a First Home Owner grant which you can apply for at the same time that you apply for your home loan. The various state and territory governments also offer their own incentives to first home buyers such as stamp duty concessions. You should check what assistance may be available to you in your region.
- Carry out inspections – it’s important to get thorough building and pest inspections on your preferred property before purchase.
- Conveyancing – When you buy a home, you will become involved in the process known as Conveyancing. This is the legal aspect of transferring a property from one owner to another. In Queensland, only a Solicitor can attend to Conveyancing. A solicitor, that specialises in conveyancing, such as Gill and Lane can help you navigate the process from the signing of the contract to the completion of the transaction.
- Other legal considerations – as a first home buyer, your property may be the most significant asset you have, as such you need to consider who will inherit the property or any proceeds from the sale of the property in the event something happened to you. You will need to account for this with an up-to-date Will and/or estate plan. You should consult a Wills and Estate Planning lawyer such as Gill and Lane who can help you create or update your Will or Estate Plan.
Gill and Lane have more than 30 years of experience in conveyancing, Wills and estates. We service clients throughout Queensland, particularly the suburbs around Sandgate including Redcliffe, Deagon and Shorncliffe, and other North Brisbane suburbs .