5 great tips for first-time home buyers!

5 great tips for first-time home buyers!

Well, it’s that lusty month of February again when romance is in the air and lovers everywhere are looking for their lifetime partners. Valentine’s Day is also a day that both sexes can pop the question and if you are a new couple who got married and started a life together recently you may by now be looking to finally invest in that home you have always dreamed about.

Buying a home is pretty serious business though and there are a few particularly important things to know that may help you to avoid getting stung – and to maximise the advantage you have as first-time home buyers. Here are our 5 great tips for first-time home buyers:

1. Choose the right area

There’s an old saying in real estate ‘’It’s all about position, position and position!’’ This should always be your first consideration. Always try buying in an area that shows steady growth and will be a good return on your investment. Obviously, you may have your own reasons to buy in a certain area but get advice from a good real estate agent on this. Having chosen your area, look for a home that is conveniently close to shops, schools etc, all dependant on your own situation.

2. Get the right price

Generally speaking, you have an advantage by looking for properties being sold by a reputable agency that specialises in the area you have chosen. The reason for this is that they will have done a proper valuation of the property and advised the seller what is a fair price to strive for in that area. If you buy directly from a seller or a fly-by-night agency the property will generally be overpriced.

3. Watch for latent defects

Even if you have a reasonable eye for problems that a home may have these will generally be only what you can see. These are called patent defects. Latent defects on the other hand are generally not so easily picked up and will come back to bite you months or even years after you have purchased the house. This is a tricky one to avoid, but once again a good property agency often has a trained eye for such things or we will at least point you to a good home inspector who will be able to give you a thorough report of the home.

4. Use your advantage

On the financial side, as a first-time home buyer, you have a distinct advantage when it comes to being able to obtain a 100% bond with all the major banks. Many prospective first-time buyers have still not taken the plunge, however, because they have not been able to afford the transfer and legal costs. Well, the great news now is that some of the financial institutions cover bonds of up to 105%, including your costs. Obviously, this will increase your bond repayments a little and there are certain criteria for you being able to qualify for this, but again an experienced agency will be able to assist you with this.

5. Get the best deal from the right Agency

Without a doubt, if you ultimately want to choose the right home in the right area at the right price and get the best deal and financing options, you can’t do better than to seek help from and view the properties on offer from Nu Generation Homes.

Remember that we offer all the benefits of traditional agents, but charge only a very reasonable once-off fee for our services, so this enables the seller to save money, which ultimately translates into you being able to buy the home at a better price. We hope these 5 great tips for first-time home buyers have helped you – but the best tip we can give you is to simply talk to Nu Generation Homes…