First Time Buyers: Top 10 Strategies for Navigating your home Purchase

Buying your first home can be pretty daunting – but it is a great way to begin investing in your future and paves the way for you to begin climbing the property investment ladder.

Right now, Tyson Properties is seeing renewed interest in first time homes with new buyers queueing up to take full advantage of the fact that we currently find ourselves in a buyers’ market – which means that prices are good and sellers are eager.

To ease your transition into property ownership and help you make what is probably your biggest investment to date, Tyson Properties has 10 strategies you can use :

1. Explore Your Neighbourhood:

Before committing to a specific area, research its property prices, resale potential, and community amenities. Investigate factors like convenience, security, and local     facilities. Speak with residents to gain insights into the area's advantages and drawbacks.

2. Financial Preparedness:

Start saving for a deposit to secure a favourable mortgage rate. Consider getting prequalified for a mortgage to determine your budget accurately.

3. Assess Affordability:

Use online calculators to determine your affordability based on your income, expenses, and available disposable income. Avoid overstretching yourself financially to maintain a balanced lifestyle.

4. Seek Professional Guidance:

While advice from friends and family is valuable, rely on real estate professionals like Tyson Properties and reputable bond originators like ooba for expert guidance.

5. Understand Additional Costs:

Factor in upfront expenses such as transfer fees, ongoing costs like utilities, maintenance, and insurance when assessing your budget.

6. Research and Compare:

Take your time to explore various options and prices before making a decision. Being well-informed will help you make better choices.

7. Identify Potential Issues:

Conduct thorough inspections to uncover any hidden defects or maintenance issues. Seek specialist advice if needed and use any findings to negotiate the price.

8. Timing Matters:

Understand the difference between occupation and possession, especially concerning rental agreements and bond repayments. Be aware of requirements for occupational rental if moving in before transfer.

9. Review Community Rules:

If moving into a housing estate, familiarise yourself with the community's regulations regarding pets, parking, gardening, and decorations to avoid future conflicts.

10. Plan for the Future:

For off-plan purchases, ensure you have detailed specifications. Insist on valid building plans for older properties to avoid complications in the future, including insurance and resale."

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