Preparation is the key that will unlock several doors when you are in the housing market of Melbourne.
However, we can all agree that buying a new home is a monumental task when the real estate market is as competitive today. And it’s especially true when we are talking about mid-range, affordable houses.
So do you want to have an edge in this competitive market? The answer is preparation. The sooner you plan to buy a house, the easier it will be for you to deal with the competition. But, if you are already house hunting, read on, and you’ll find three essential steps that will enhance your prospects of buying a new home.
1. Research About Loan Programs
Although your mortgage lender is already discussing several home solutions with you, do some research on your own before you finally meet the loan officer.
However, if time is a luxury, you don’t have to be ready to seek advice from a professional mortgage broker. When you are looking for homes in Melbourne – a mortgage broker will help you filter through loan options, overcome complex borrowing challenges, or steer you in the right direction of loans with the best interest rates. Moreover, a Melbourne Mortgage Broker will act as an intermediary between you and the lender, which you actually need.
Once you are prepared to buy a new home, the whole process will move a whole lot faster. Try not to agree with everything your lender says, and never feel that you don’t have enough time to look for other loan programs. In any case, a rational decision would be to work alongside a mortgage broker while negotiating with a lender. So, make sure you get that benefit.
2. Find an Experienced Real Estate Agent
Buying a home is a complicated and intimidating task. Therefore, you’ll need an experienced real estate agent who can take care of your interests while answering questions you may have about a property.
Make sure you do not rely upon the advice and guidance of the seller’s agent. They have to advise in favor of their client, not yours.
To find a reliable real estate agent, get your friends and family suggestions. Also, find and read some online reviews, and interview a few agents before you hire a real estate agent.
3. Be Ready to Pay for a Money Deposit
Make sure you have liquid cash available for your money deposit. Once you find the house you were looking for, you’ll have to submit an earnest money deposit with your offer. This is also known as good faith money that tells the seller that you are a serious candidate.
These money deposits vary according to the price of the house. However, one to two percent of the total purchase price is enough to cover the money deposit cost.
Moreover, the seller won’t always ask for a particular sum of money in this case. These funds are submitted in an escrow account or added to your down payment.
In your hunt for your new home, you need to prepare to the best of your abilities. However, the real estate market is unpredictable, and a lot can happen quickly. So make sure you provide yourself with the benefit of knowledge before you make the final decision.