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Buying your first home – Have you considered the big picture?
Okay, so you’re a first home buyer and you’re ready! Well, at least you think you are… Here are some tips that you need to keep in mind when house hunting – or looking to build.
Do you know how much you can afford and are you getting the best deal with your finance? Speaking to the right financial advisor or mortgage broker will allow you to answer the following;
- Am I in a sustainable job with a regular income?
- Do I have enough money for a deposit?
- Have I considered all associated costs such as: legal fees, government fees.?
- Am I eligible for the first home owners grant?
If you are purchasing as a couple, have you discussed the following:
- Do you both have the same long-term vision?
- What location best suits both of your goals?
- Have you discussed the best way to structure your finances both individually and as a couple?
When purchasing your new home, have you considered your long term strategy?
- Are you planning to live in the property long-term?
- Is this a long-term investment or are your personal desires clouding your judgement?
- How will this property feature in your property portfolio in seven to ten years?
Buying property should be seen as a stepping stone – start off basic and work your way up the property ladder. Work out your long term strategy, and don’t let your personal desires cloud your decision making. Invest smart, live within your means, remember that this is likely to only be the first of many. The first is usually the hardest so don’t be afraid to seek the advice of professionals.