The COVID-19 pandemic has affected almost every country globally, and it has changed the way people live and handle their finances. In Australia, many people postponed their plans to purchase a new home because of the uncertainty that the pandemic brought, and they can’t be blamed. Many admitted that they had to tap into the money they have saved up for mortgage deposits and even their daily needs.
Nevertheless, many homebuyers are still keen on taking advantage of the current market, despite the present situation’s uncertainty. If you are among this group, here is a guideline from one of the most trusted mortgage brokers in Perth on buying a home amidst the pandemic:
Study the Local Market
The market situation changes as frequently as every week, and if you are interested in buying a property, you must be able to keep track of these changes. Unfortunately, just doing online searches may not be enough to give you accurate information. As such, it’s best to speak to a reputable local real estate agent who can help you keep track of the market. Real estate agents can help you better understand the value of properties and are the most qualified people to provide you with all the information that you need.
Create a List of Your Non-Negotiables
As a first-time homebuyer, you probably already have an idea of what you want for your home. You may even have been eyeing one or more properties that you think will suit your needs. Still, you must come up with a list of features that you consider must-haves, and go down to those that you may still be flexible about.
Figure Out Your Budget
There are still a lot of homebuyers out there who are in such a hurry to purchase without having a complete grasp of their financial situation. Before you take out a home loan, you must first determine your living expenses. Likewise, you should keep track of your bank statements and credit card statements, as well as any other existing loans. Then, use mortgage calculators to help you have a clear idea of how much your expenses will be if you push through with the home purchase.
Get a Loan Pre-Approval
You should speak to various lenders and get a pre-approval as early as possible. When you have a pre-approved loan, you can confidently negotiate because you already know how much you can spend on the home, and you can be ready to make an offer anytime.
Perform Due Diligence
You’ll be surprised how many homebuyers don’t think it’s essential to have the property they’re eyeing inspected by a professional before buying it. Don’t make that mistake! Be sure to contact reputable contractors who can do a thorough inspection of the building and check for pests and other liabilities. Your lawyer should also review the contract first to see if any revisions should be made!
Indeed, 2021 is a good year to consider buying a home. As the world is still bouncing back from the effects of the pandemic, prices of homes and their interest rates have dropped. And for the first time in a long time, they are finally in favour of the homebuyers. Because of this, remember to consider the information give above so that you can make a well-informed home purchasing decision!
When you have decided to buy a new home in Perth, WA, Finance Corp can make it easier for you to find a suitable home loan for your specific needs. All our finance managers are fully qualified, trained, and experienced mortgage professionals who live and breathe finance. Get in touch with us today to learn more about our services!