Buying your first home, whether building or buying an established house, can be a very involved process that includes lots of different people with various skills to get you to the point of putting your key in your front door for the first time. The whole process is extremely exciting but can also be overwhelming; it’s quite an emotional roller coaster. Acknowledging this at the very beginning is important; you need to be committed to the process and do your part to achieve your home buying goals.
That’s why it’s important to find your “First Home Owner/Buyer Squad”. Your FHOB Squad is your A-Team! The point of this group of people is to support you through every step of your home buying journey and answer any and all questions that might pop into your mind. As they say – there is no such thing as a stupid question; the only stupid question is the one that isn’t asked!
Who is in my FHOB Squad?
- Firstly, your home loan specialist. Your home loan specialist can help you build this team, filled with people who are the right fit for you and your situation and, most importantly, people who you can trust and will work hard for you. Your home loan specialist is the professional you need to be in contact with first to figure out your first steps (see article… Saving a Deposit isn’t the first step!) A good home loan specialist is also able to facilitate your First Home Owners Grant / concessions if applicable.
- Conveyancers are specialists in property transfers. They will read over your contract of sale before you sign and include conditions to ensure you are protected. They also investigate anything that may affect the property such as easements that can impact where you can build on your land for example. Conveyancers prepare and lodge all of the necessary documentation that is required for the property ownership to be transferred into your name and ensure all adjustments; rates and taxes are calculated and paid. Overall a conveyancer is a key member of your Squad.
- Insurance professional: an insurance broker can assess your individual needs and compare insurance providers to make sure you have the most cost effective and suitable insurance cover for your property. Your lender will require you to have insurance on your home for a particular value also noting the lender’s name on the policy. A copy of your insurance policy will need to be provided to your home loan specialist before settlement (when ownership is officially transferred to you).
- Financial planner: buying a home is likely the biggest investment we’ll make in our lives. It is a good time to consider income protection and other insurances to help protect you and your home if the worst were to happen. It’s not easy to think of the worst happening but it is always a good idea to plan for the worst and hope for the best!
- Builder: if you choose to build a new home it is important that you find a reputable builder who builds quality homes. A display home is not always a true reflection of the typical quality; often builder reviews from actual customers is a good way to find out what kind of builder you’re dealing with. Find a builder that will guide you through the process and ensure everything you need is included in your building contract without any sneaky hidden costs. We’ve all heard stories of friends who have signed a building contract only to find out that there was no driveway or blinds included. Not all builders do business this way so you can find someone who you can trust to have your back. We will be providing more detail around choosing the right builder for you as well as the whole building process from start to finish soon.
- Real estate agent: if you choose to buy an established house (or vacant land to build on) you will likely be dealing with a real estate agent. Essentially the real estate agent is acting on behalf of the Vendor (seller) and it’s their job to find a buyer. When you’re the buyer it can be overwhelming as the agent’s selling techniques can put pressure on you for them to provide the best result to their seller. Your home loan specialist and conveyancer can help guide you through this. Also, once you have your pre-approval your home loan specialist reaches out to their real estate network so they can assist in finding a home/land that suits your budget and other features that you’re looking for.
- Last, but not least, YOU! You are the reason for your FHOB Squad and you have the most important role. There are things you need to do in order for your FHOB Squad to get their work done so it’s important to provide information requested as soon as you can and review and sign relevant documentation etc. Your FHOB Squad will let you know what you need to do and by when.
Members of our FHOB Squad will be sharing their knowledge here on this Facebook page, let us know if there are any specific questions you’d like answered!
What are the benefits of having a squad?
- You feel supported through the process
- You have a team to go to when you have any questions or concerns
- When you’re feeling stressed about something you can pick up the phone and make sure everything is on track
- You understand your responsibilities and contributions so you don’t have any surprises along the way
A good home loan specialist can help you manage the whole home buying process for you. If you provide your permission to share your finance progress with your Squad this can save you time and effort and make sure the members of your squad are kept up to date.
It’s important to make sure that when someone refers you to someone to add to your Squad that they are doing so because they will work in your best interest and who are trustworthy, not only because the person referring them will receive some financial benefit by you choosing to do business with them.
To speak with me or one of our experienced and friendly home loan specialists feel free to PM us on 5332 9697 or 0417 532 162.
Written by FHOB Squad member Rebecca Ebbels, local Ballarat finance specialist.
Any advice does not take into account your objectives; financial situation or needs and you should consider whether it is appropriate for you. You should read the relevant disclosure documents and seek independent financial advice. Lenders’ policies are subject to change at any time, which could affect the above information.