Published on May 19th, 2014
Question of the week – revisited 17 June 2013 – The most important thing when buying a home
What would you say is the most important thing I should do when buying a home?
This is a great question (if I do say so myself!), buying a home, especially for the first time can be a daunting experience. The internet is full of useful checklists of things to do when you are looking at buying a home; all of them are important, but the number one thing I recommend buyers do is – Get finance approval before you start looking at homes.
Approved finance does a number of things that will benefit you as a buyer:
- Budget: With approved finance you know exactly how much money you can spend and what the repayments will be. This will make your search a lot easier.
- No nasty surprises: The finance approval process allows the banks to look very deeply into your financial closet – once you have approval it is much less likely you will be knocked back because of an old phone bill you forgot to pay 3 years ago.
- Position of power: Having money approved puts you in a stronger bargaining position compared to other potential buyers. If two people like a property and one has finance approved ready to go, vendors will look at that offer more favorably than one without finance approval.
So our number one piece of advice for buyers is book in to see your bank or mortgage broker today. The work involved in getting the pre approval will pay off when you find your dream home
Disclaimer: All thoughts are my own; you should undertake your own professional advice (legal, financial or astrological) before undertaking to purchase property