Are you sick and tired of living in different rented apartments and not having a place to call your own? It doesn’t matter if you’re single, working two jobs, and just need some peace and quiet, or you have a family and need a bit more space, the thought is the same – you want a place of your own. As exciting as this idea can be, it’s also extremely intimidating, and it’s no wonder why so many first-time homebuyers are anxious and a bit afraid. If you’re in need of some advice, we’re here to help you out:
Think about the money
It’s easy to fall in love with a beautiful house straight away, but are you sure you can afford it? Before you even start looking, you need to know just how much money per month you’ll be comfortable to put aside for your future house. Keep in mind that you should also have enough money to live comfortably, so your monthly housing costs shouldn’t take up more than a quarter of your monthly pay. This is why you shouldn’t settle on a maximum home price before you take into consideration property taxes as well as homeowner’s insurance, seeing as these will also affect your monthly payment.
Do a bit of research
With a definite budget in mind, it’s time to start looking into houses and looking for something that you’ll fall in love with. Australian real estate market is booming, and it shouldn’t be too difficult to find a property you’ll love. Still, keep in mind that it might take some time to narrow down your choices. However, your work doesn’t stop there: once you’ve found some houses that you like, you should also look into the neighbourhoods where they are located. You don’t want to buy a seemingly perfect house only to discover that it’s way too far from your job and your children’s school or that crime rates are through the roof.
Know what you need
Speaking of the right neighbourhoods, you need to know what your priorities are. Are you willing to buy a smaller house that’s close to your job, or you desperately need a big yard? All of these things are extremely important, and you should sort out your priorities before you start negotiating the price. You can easily find a great house and land packages in Sydney when you know exactly what you’re looking for. Still, it’s also a good idea to compromise a bit – if you are willing to travel a bit more to work so that your kids can go to a good school or you agree to get a smaller house with a breathtaking yard, you’ll have much better options.
Attending open houses is a great way to get a closer look at a house you like. Even if the house isn’t right for you, you’ll get a chance to get to know the neighbourhood a bit better and learn more about the area. This way, you’ll have something to compare the houses to, and it will be easier to find an affordable house in the best neighbourhood. Even if you buy a cheaper house without hardwood floors and solar panels, you will have some money left to make the upgrades and build home value, especially around Sydney.
Be ready to be quick
It’s no secret that today’s Australian real estate market is not just pricey, but it’s more focused on the sellers. There are bidding wars and people are willing to pay a higher price than it’s originally been listed. This means that you should be ready to react quickly if a good opportunity arises and not despair if you lose a few great chances before you buy your future home.
Buying a home is likely going the be the biggest purchase you’re ever going to make, which is why you should take it seriously and be very cautious. When you take time to prepare for the purchase, you’ll likely be able to predict the problems and obstacles you’re going to face, which will, in turn, make the whole process much smoother and easier.