Riding the Mount Gambier property roller coaster; 6 feelings typical of a first-home buyer
No doubt about it – buying your first Mount Gambier home is one of the most rewarding experiences of your life! While it is, by definition, a transaction, it is rarely black and white, particularly when it’s the first home you’ve ever bought. The magnitude and significance of this transaction means it’s very likely emotions will be high.
Six emotions you are likely to experience as part of the purchasing roller coaster are (and buckle your seat belts – it’s quite a ride!):
1) Excitement at the prospect of buying
You’ve been working hard to save a deposit and it’s finally time to purchase. When that time comes, it’s like someone has opened the door to a whole new world. And it’s an exciting one! At this point, the anticipation can be almost too much to bear. Hang in there.
2) Confusion about what exactly is involved
You’re a rookie, so it’s typical the purchasing process is overwhelming, daunting and confusing. Where do you start? What can you research? Where do you find the information you need? What loan will be right? How much?
While this isn’t the definitive step-by-step guide, a quick rundown of how the process will work is as follows:
- Apply for a pre-approved loan (so you know how much you have to work with)
- Do your research and find the right home that fits your budget
- Have your conveyancer check the contract of sale
- Organise building and pest inspections
- Put in an offer or go to auction
- Finalise your home loan
- Do a final inspection on the property
- Move in!
3) Relief when you discover how we can help
There’s no need to navigate all this solo. We can walk you through the buying process, starting with the research component. We can provide information about where you’d like to buy, capital growth potential, recent sales data and other information about the area you are considering.
Once that’s done, we can help with the finance side of things. This includes:
- Explaining your borrowing capacity (how much a bank will lend you)
- Arranging pre-approval on your finance (so that you’re ready to make offers or bid at auction)
- Explaining loan features that may save you money in interest (for example offset accounts and redraw facilities)
- Taking care of the paperwork for you.
4) Exasperation as you look for the right property
If you’re one of the lucky ones who finds the right property early, you may escape the exasperation stage altogether. However, if you find your weekends being consumed by inspection after inspection to no avail, it can leave you feeling exhausted and discouraged.
Don’t despair – your dream home is out there. Just remember, with every inspection you’re one step closer to the thrill of finding your very own pad!
5) Nervy during negotiations
You know when you’re at the top of the roller coaster incline and it’s about to drop? Waiting for a vendor to accept your offer or fronting up at an auction can feel a bit like that. There are bound to be butterflies in your stomach – just hold on tight and remember the best is yet to come.
6) Elation when the paperwork is signed and it’s yours!
There’s nothing as rewarding as receiving a shiny new set of keys and walking through the front door into your own slice of real estate. You’ve survived the journey and probably even enjoyed it! It’s at this point you’ll feel pure, unadulterated joy.
Buying your first home is an experience you’ll never forget. The thrill. The adrenalin. And the rush of emotions when it’s finally yours are hard to beat.
If you’re ready to purchase your first home, please get in touch. Let us be your conductor; you just enjoy the ride.