Today I want to share with you a story of a new friend I that met via this website. He wrote to me about his relocation story, the lessons he learned and some tips he came up with in the process. Here goes:

“The prospect of relocating was a harsh one for me and my wife Debbie, not only were we struggling with the idea of leaving some of our friends and relatives behind, but were also nervous about all the steps involved in getting a property, since we both had only rented our places in the past. Since we found out that the government was announcing measures that would help first home buyers to enter the property market we decided to use our savings to go for a permanent residence.

There were numerous things to take into consideration and we didn’t want to go into it blindfolded so we arranged to meet with several real estate agents to give us a rundown of the process and tips we should take into account for our first home ownership. The advice was different depending on who we were talking to, but soon enough we started noticing that certain things were coming up again and again and made for very good tips. We’ve tried to distill the most important bits of information so people in the same situation as we were can have an easier road to their own property.

1. Set up a Savings Program

This was not such a huge concern for us, as we had taken care to start saving years ago in case such an opportunity presented itself. It is, in any case, an excellent advice especially for young people just starting out. Setting up a savings program will help you save for a deposit on your first home and can be of great help when trying to get a positive credit history. Also, the bigger your deposit is, the smaller the loan will be (which also means less interests to pay!), so it’s a win-win situation.

2. Learn About Grants

As we mentioned previously, the situation is ripe for people wanting to acquire their first home right now, state and federal governments are offering assistance for buyers like you. But the truth is that you need to put a lot of work to make sure you know all the details before taking the leap. Make sure you find out if you are eligible for any grants, what those grants are, how can they be applied, if they have any restrictions and things like that.

3. Banks

Most people in this situation will need to approach a bank, building society or perhaps a mortgage broker to obtain a loan for the money they will need to purchase their first home. The options here are plenty, so it is in your best interest to get all the information that you can before you commit to any partner. Remember, you will be dealing with this institution for quite a long time and you don’t want to feel stuck in a situation just because you didn’t take the time to do some research.

4. Location, Location, Location

It goes without saying, but a vital part of the work is to find out exactly where you want to live! After taking part in an English course Sydney was sponsoring back then, Jen (a friend of ours) decided that since she had been so charmed by the city she would buy herself an apartment there. I was happy to have her close by but I wanted her to take her time and look at other options before deciding. I told her “If you had been on the best English course Brisbane had to offer you would probably want to settle there too. Why don’t you take some time and make sure it’ll be a place you want to spend years living on?” You not only have to think about how the place is or looks like now, but how it will be like 10 or 15 years from now. This can also give you an idea of the potential re-sale value of your home, should you decide to sell it in the future.

5. Get Help

Negotiation is not for the faint of heart. If you don’t feel like you are up to the task, the fears and nervousness could actually cost you quite a bit (in money and time.) Try to find someone in your family or among your friends that is experienced in commerce and can help you with the negotiations.”

What is your relocation story? What would you do differently if you had to do it again?

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