Without a doubt, securing your first home is one of the most exciting experiences you will ever have.
The road to buying a first home is a long one and tiring process.
And despite what others say – your choices should depend entirely on your own wants, needs and budget – not the preferences of others.
Budget is of course the most important consideration. But, as your mortgage consultant, we can work with you to determine your purchasing capacity, based on range of factors, including your deposit, existing commitments and income level.
Knowing your budget upfront can save your disappointment later on; not to mention time looking at houses you simply cannot afford.
Once you know how much you have to spend, however, you will need to think what you want and where you want to buy.
You will also need to decide what kind of property will suit you best.
Do you want an apartment or a double storey house?
What’s most important to you in a home?
Make a list of features that you couldn’t live without and those which you would like but which aren’t indispensable.
For example, perhaps you would love to have 4 bedrooms and 3 bathrooms house. So, anything that said 3 bedrooms, you can just eliminate from your list.
Don’t forget to think about your future plans and goals as well- even if they seem too remote at this point.
Ask yourself, how long you would like to live in the property and what needs do you require it to meet?
Or how many children you want in the future? Can this house fit the requirement?
Importantly, be prepared to compromise. As a first home buyer, your options are usually going to be limited.
So, set your budget, think about what you need and hit the real estate pavement with an open mind.
Enjoy this article? You may wish to read about the How To Buy Your First Home?
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