Buying your first home is an exciting and memorable experience. If you are contemplating buying your first home, there are few important factors to consider:
Know your budget: Before you even begin looking, it is important to know how much you can realistically afford. If your family is helping with finances, sit down and discuss this with them and maybe get the assistance of a financial planner.
Review your credit report: Knowing whether or not there are any black marks on your credit report can save you from any nasty surprises and help you when applying for a loan.
Set a spending limit and be aware of upfront costs: These are purchase price, loan application fee, lender’s mortgage insurance, stamp duty, legal fees, inspection fees (building, pest, strata etc.) and moving costs.
Know the area you’re looking in: You may want to research the area to uncover information such as the estimated future price growth, crime rates, and any proposed developments that could impact the value of your home.
See if you are eligible for financial assistance: There are a number of ways in which you can help to fund the purchase of your first home such as the first homeowner grant, stamp duty concessions, and the first home super saver scheme.
There are also ongoing costs that need to be considered such as loan repayments and interest charges.