If you’re a Bride-to-Be, get ready to be signing document after document over the coming months. Not only are you signing a marriage certificate, but you’ll most likely be ready to sign a contract to purchase a home with your new husband. Buying a home is going to be one of the most expensive purchases of your life and you’ll be feeling a little overwhelmed.
So, before you sign anything, we’ve spoken to the experts at Hillside Legal and here are five quick tips for newlyweds buying their first home:
1. Determine your budget
Sit down together and work out what you can afford to pay each week in loan repayments. Factor in things like stamp duty, insurance and the costs of owning a property like rates and maintenance. Speak to your financial adviser or accountant to get some support with budgeting.
2. Choose a home loan provider
Before you even start looking at homes, speak to your lender to find out how much money you will be able to borrow and obtain pre-approval. Once you know your borrowing capacity you can shop around for the home of your dreams.
3. Talk about what you need (and want) in a home
You’ve set your budget and know your price range, so here comes the fun part – finding your new home! It’s best to start the house hunting with a fairly clear picture of what you both need and want – how many bedrooms do you need, is the availability of public transport crucial, which suburb do you prefer?
4. Conduct property inspections
Before you buy a TV, you probably do some searches online, read some reviews from industry experts and check the warranty terms offered. It only makes sense to do the same, just more diligently, when purchasing a home. Remember, the contract does not cover the quality of the buildings on the property so it is best to thoroughly check the property and arrange building and pest inspections before signing the contract – after all, you don’t want to discover that your new home has a termite infestation after you have moved in!
5. Speak to an experienced solicitor
Entering into a contract for sale without knowing your legal rights can have nasty consequences. So while you are getting your finances in order and searching for your dream home, it is a good idea to engage a solicitor to give you legal advice on the contract for sale and guide you through the entire transaction.
Good luck and happy hunting!
Hillside Legal is one of Sydney’s most respected legal firms, offering friendly and accessible advice on a myriad of legal issues, including property, building and compensation.
This information is for general information purposes only – it doesn’t take into account your specific needs, objectives or circumstances, and it is not legal advice. We do not guarantee the information to be complete, accurate or up to date and we recommend that you obtain legal advice from a solicitor before acting on any information.