Are you a first-time home buyer eager to get into the market? Here are steps to take to help you decide whether you're ready to take the plunge.
- Check the selling prices of comparable homes in your area. Web sites such as Realestate.com.au & REIWA can give you a general idea of what you should expect to pay.
- See what you can afford. Use our mortgage calculator to see what your payment would be.
- To get an idea of what you'll pay in Insurance, pick a property in the area where you want to live and make a call to a local Insurance agent for an estimate. You won't be obligated to get the insurance, but you'll have a good idea of what you'll pay if you buy. For an idea of what you'll pay in stamp duty and settlement costs, Leanne Hyde at Conveyancing HQ can answer any questions 9478-6677.
- Look at your budget and determine how a house fits into it. Brian Cornell and Accredited Mortgage Consultant from Wealth Plus Lending can give you free expert advice and guidance 0407 553 302.
- Talk to Encore Property Group’s Sales team about the current market. Do they believe prices will fall or do they think your area has hit bottom or will rise soon?
- Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there's no landlord to turn to, and these costs can drain your bank account.
- So consider whether you're ready for the expense and effort of homeownership before pulling the trigger.