Part One ~ Deciding to buy your first home
Buying a property isn’t just a matter of opening realestate.com.au on your phone and scrolling. You need to put lots of thought into it before you even get to that stage.
1. Where to start if you want to buy a house
The most obvious place to start is to determine whether you can afford a mortgage. Before you even start looking for that dream home, sit down and carefully work through your finances to see just how much you can potentially spare to service a mortgage.
2. What is on your property wish list?
The ‘perfect’ property is a very rare find, so chances are you’ll have to make some compromises. A helpful exercise to do before you start looking is to work out exactly what you must have in your new home and what you’re prepared to do without, if need be.
3. What can you afford?
Knowing what you can afford is a vital first step in your journey to being a first home buyer.
4. How to save for your first home
The important thing to remember when saving for your first home is to not just save blindly. Work out exactly what you need to aim for, so you can establish a savings strategy that can work for you.
5. How much deposit do you need to buy your first home?
There is a common misconception you must have at least a 20% deposit to secure a home loan.
6. Different ways to buy your first home
Nowadays, there’s more than one way to buy a home. Options such as rent to buy and teaming up with friends and family are just two of the alternatives. Here’s a round-up of the most popular ‘alternatives’ to the traditional method.
7. Common mistakes to avoid
As a first home buyer, you want to sidestep the common mistakes like overextending yourself or being overly picking. Here are some to avoid.
Click here to read the full six-part guide to buying your first home.