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Tips For Buying » 5 KEY STEPS TO FINDING YOUR NEW HOME - Step 1

11 Feb 2015 (09:42)Author: Administrator

5 KEY STEPS TO FINDING YOUR NEW HOME - Step 1

What's your strategy? 5 key tips to finding the right property
As a buyers agents, we often come across home buyers who don't have a good idea of what their budget is, or don't know exactly what they want, or don't know where they really want to buy. Buying a new property can be daunting and sometimes it can be hard to know where to start.
When looking for a new home to buy, it is important to have a strategy in place. In this multi-part blog, we give you 5 key things to do to get you started.

Step 1 – Define your Budget
Make sure you have your budget defined.
Defining your budget is about having your finance approvals in place. It is not about what you think a bank will lend you. Defining your budget also means taking into account the other costs of buying including settlement costs such as stamp duty, rates, legal and other fees, moving costs etc. As a rule of thumb, 5-7% of the purchase price should be set aside for these extra costs.
Many buyers come to use our buyers agents services without having secured finance.
Having your finances in place before you start looking is the critical first step. It means that you know exactly how much you can spend and this will save you disappointment in so many ways. It will mean that when you find the right place, you will be in a position to make an immediate, confident and unqualified offer or auction bid. It also means that you don't fall in love with a property only to find out that the bank won't lend you what you need to purchase it.
Your budget also essentially helps to define your search area and your property Wishlist.

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