Buying your very first home is equal parts exciting and daunting as you step into uncharted territory. There is so much to consider and digest when making the decision to buy your first home that often it can become overwhelming. We have broken down all these considerations down into 4 important considerations you need to take into account.
The best time to buy a house is during a slump in the market as this allows you to take advantage of falling property prices. Along with lower prices, a slump in the property market is also characterised by many rental vacancies and more buyers than sellers.
Hidden or Additional Costs
It is easy to mistake a house’s price as the only cost you will have to pay when buying your first home. The reality is that there are numerous hidden cots that need to be considered such as loan application fees, stamp duty, strata search, utility installation costs, insurance and various moving costs.
Know Your Monthly Budget
It is important when you apply for a home loan you do not get distracted by the amount you can borrow and instead consider the monthly loan repayments. You will need to work out your monthly expenses and your monthly income in order to determine the repayment amount you can afford to take on and if there are any cuts you can make to your expenses to accommodate the loan repayment.
Apply for a Pre-approval
Having a pre-approval will give you an accurate idea of what houses you can and cannot afford before you begin looking for a house or applying for a home loan. This will save you a lot of time and stress and is a great idea for those new to the property market.
Taking the time to evaluate these important considerations when you hunt for your first home will help ensure your first home is your dream home.
If you would like to learn more about buying your first home please get in touch with us today.