If you are in the market for a new home, there is much to consider, and while most people are fully aware of what that entails, there are some important points to address, and this can best be done by answering the following questions.
Can I afford the Property? – One must be realistic with the answer to this question, and if the monthly payments are realistic, and you have the deposit, all you need is a little extra for the relocation cost. If the answer is no, then perhaps you should think about opting for a smaller property, or deferring the purchase for a while, which will give you time to save some more of your hard earned cash.
Can I Obtain a Mortgage? – If money is tight and you want to save money, you should use an independent mortgage broker, who can secure you an affordable home loan that is tailored to suit your needs. This step should be addressed at the very outset, as without mortgage approval, buying any property will remain firmly in the realm of a dream. If you live in NSW, and are looking for an established Sydney mortgage broker, there are online companies who specialise in sourcing home loans, especially for first time buyers.
Am I Happy with the Location? – If the answer is not an emphatic “yes”, then it might be an idea to keep looking. In the current market trend, it is a buyer’s market, and with a little patience, you might find an area that is preferable. There are, of course, online real estate agents who have a number of stunning homes on their books, and wherever you prefer to be based, you should focus your search on that area.
Is This a Long Term Investment? – If you are planning to move again in a few years’ time, then you shouldn’t be planning any major improvements, but if you are sure that you will stay indefinitely, then the investment is likely to pay dividends, and it is therefore a good idea to plan for the future. You might want to make a career out of property investments, and if so, read some interesting articles that discuss buying property with a view to long-term investment.
Is this the Right time to Buy? – If things are looking good career wise, and the mortgage is affordable, then there’s no reason not to go ahead, but if your job is not secure, or you can see other issues that might affect your finances, then it could be wiser to wait for a while.
If you can answer all of the above questions with a definitive “Yes”, then you have thought things through, and the purchase is likely to be one of your wisest investments that will provide you and your family with a secure home and also a solid investment.