Make A Plan
What is your budget? What can you afford? You must know the answer to these basic questions before property searching. You need to prepared to get your dream home to act fast, know what you are looking for and more importantly what your willing to go without. Not every dream home starts out fully fitted. Often your dream home begins with the home that for fills 80% of your dream criteria. Don’t over spend your budget. It’s better to have cash in the bank to do some renovations.
Make A Wish List
Think about your must have features in a home the things that you just can’t live without, and use these as a definitive guide to your purchase. You might be adamant that you want parking and may be prepared to forgo a larger outdoor entertaining area to have it. Do you desire views and would you be prepared to spend a little more to get them. Have a good look at property within your desired location and price range to get an accurate idea of what you can get for you money.
Following your fundamental wish list will make for a happy purchase that will suits your lifestyle. Organise yourself to be ready to buy immediately. The principle behind securing a purchase and often a bargain is to be ready to buy immediately.
Have your home loan pre-approved before you start looking for a property so you are aware of your budget. Speak to a lawyer or conveyancer – certainly we can recommend one for you! Having all your affairs in order will give you more time, less stress, more bargaining power and often a better price
How To Budget Your New Home
There are a number of extra costs you may not be aware of or have not budgeted for when looking at purchasing a property. Having a budget is an essential component of financial freedom and can help you realise the purchase of your first home.
You must know what it is going to cost you to purchase a property and what all the associated costs.
Do Your Homework
To obtain the best home loan to fit your needs, you must do your research. It would be beneficial to speak to a mortgage broker who can assist you with budgeting and working out what is your maximum affordability on a property. They can also assist you with calculating your mortgage repayments and can tell you how to reduce your loan quickly which should be your overall goal!!
Don’t Forget The Associated Costs
Once you have arrived at this stage, you will most likely have a detailed list of expenses you will incur in your property purchase. Talk to your real estate agent and mortgage broker to ensure you have everything covered.
Costs to include: * Stamp Duty * Legal Fees * Building and Pest/Termite Inspections * Mortgage Insurance * Renovation Costs * Rates * Pest treatment * Bank Fees * Removalist * Cleaners * New furniture * Settlement Fees Etc..