Certain events in most people’s lives are truly monumental and worth celebrating. For example, university graduation can represent the successful outcome of years of hard study and academic application. It should be celebrated as it can open the door to improved career prospects and an improved standard of living. The birth of a child is always a time of happiness and celebration and can bring about intense joy for both the parents and their families. Buying your first home is also a life event that should be recognized. This is especially true in the modern economic climate, where rising inflation levels and increased living costs can make it harder than ever to get onto the property ladder. If you plan to buy your first home, this article sets out three top tips to enable you to achieve this.
Decide on your budget
As a first consideration, you should take the time to work out what a suitable budget for your first home will be. You will need to consider your monthly income levels and your total expenditure. Ideally, you will want to plan out your budget on a spreadsheet to modify it in response to changes in your personal circumstances (such as getting a promotion and earning more or having additional monthly costs factored in). Any savings you have accrued should also be considered, as these may be used to secure a downpayment on a first property.
A typical downpayment on a first property ranges from 3% to 3.5%% of the total property value. If you are struggling to raise this amount through savings, you may be able to consider other strategies to achieve this. Ensure that your total budget will allow you to secure a mortgage on a property while still leaving income for your monthly expenditure.
Speak to Property experts
Once you demonstrate that your finances can allow you to purchase a first property in a suitable price range, the next step is to talk to property market experts such as https://invisionproperty.com.au/. Estate agents and property specialists will have years of experience in the housing market. They will be able to work with you to find a range of properties within your budget. Ensure you have a list of questions your estate agent can answer. Use their knowledge to build upon yours, and remember that buying a first property is a learning experience. Put simply. You will not be expected to know all the terminology or how the full buying process works, so seek clarity and guidance.
Location considerations
As a final point, it is paramount to consider the location of any prospective properties before making an offer. Depending on your circumstances, you may benefit from nearby amenities such as local shops or childcare services. In addition, if you need to commute to work, it will be vital to be situated in close proximity to good road networks or public transport networks. It can be beneficial to compile a list of the features or amenities that you want in the vicinity of your first home and ensure that the most important ones are present or nearby when viewing homes.
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