It’s a tough time for everyone in the property market right now but a raft of government incentives are providing fertile ground for first homebuyers.
Mark Hay Realty Group principal Mark Hay says there’s some handy tips that first homebuyers can use to ensure they make the most of the opportunities.
Get pre-approval
It is a good idea to get your bank or broker to process your financial details ahead of time and provide you a letter of capability of getting finance for a certain amount.
“This approval will ultimately be subject to the satisfactory valuation of the actual property but gives the vendor confidence you already have your finances in order,” Mr Hay told The West Australian.
Get guarantees
Your loan application can be helped by parents or anyone else appropriate who can offer you some form of security or guarantee to the bank.
Get a building inspection
If you go ahead and purchase a property it’s best to get an independent licensed building inspector to make sure the property is structurally sound.
White ant clearance
Get your first home purchase checked for both current white ant activity and previous damage. Mr Hay said the inspection for a white ant certificate should be paid for by you independently of the agent and vendor.
Pre-settlement inspection
Mr Hay recommends you conduct a pre-settlement inspection on the day before settlement.
“Such inspections should involve you physically switching on and off all electrical and plumbing devices to check they are not defective,” he told The West.
Get instructions and warranties
It can seem like a finer detail but gaining all instructions and warranties for appliances can be very handy. Mr Hay encourages first homebuyers to get their agent to hand over things such as reticulation layouts and pool pump instructions upon settlement.
Check for RCD
It is now mandatory for all properties to have a residual current device installed in the fuse box as a safety precaution against electrical faults.
Day-before insurance
“Don’t overlook having your property insured from the day before you settle – including contents and replacement value,” Mr Hay told The West.
Refurbishment
First home purchases often require renovations or refurbishment and Mr Hay recommends, if possible, to do major renovations and paint jobs prior to moving in as they often get left idle once people move in and get settled in their new home.
