There is no better mark of security than a solid roof over your head that you can live in and call your own. However, as much as owning a house is a pleasure, the same cannot always be said of buying a house, especially in the current property market. It can be a daunting investment that can unnerve many people, but no matter your income, there is a discipline that can help you work towards buying your own home.
Set your Goal
Assess what you would need or like to see in your new home. Research the homes that tick all of your boxes as well as the general property market. Of course, It is important to look at the homes that meet your criteria, but also the properties that may not tickle your fancy, but that are in the same price bracket. This is important so you can get a good understanding of the market and what you can buy for your money.
In a property market like we are currently experiencing, you may have to be more open minded and broaden your search criteria. What you need and want may need to be reconsidered. Consider some of the following: What can I do to/with this property right now? What are my options with this property in the future? Consider everything (location, position, size, renovated/not renovated and most importantly price) then make a decision regarding your priorities. You may decide that if you can’t get exactly what that you will wait to purchase. Once you make a decision, you’ll know exactly what to look for when you’re ready, and most importantly, you will have a budget to make it work.
Punch the Numbers
Its very important to look around for financing options. Don’t just rely on your good old-fashioned bank to look after you, just because your family have been banking with them for years and you believe they will give you a good deal- It’s often not the case.
Nowadays the smart thing to do is to talk to a recommended mortgage broker. I work with a fantastic local broker whom I have recommended to many clients as well as used personally so can talk from experience. (He is a miracle worker in my opinion- feel free to check in with me and I would be happy to give you his details) The good thing about a smart broker is that they don’t work for a bank so have no loyalties to any institutions and can put the best plan in place for you. They can find you the absolute best deal, best interest rates and offer the best service possible.
Not only should you get your finance in order for the purchase, its also a good idea to put a plan in place re your spending over the next few years to ensure you can still live the life you want. It’s smart to push yourselves a little, as generally wages increase and mortgage repayments decrease over the years, but be realistic about your spending and ideally what your future plans are regarding timeframes for