If you are looking to take your first step on the housing ladder, now is the time to buy. New rules limiting lending to investors, incentives for first-home buyers from state governments and a surge in new apartments, have all helped to cool the market and give a boost to first-home buyers.
If you?ve been diligently saving towards a deposit, now is a great time to organise your finances and start looking for your first home. But first, read this essential advice:
Do your sums
There are many hidden costs to becoming a homeowner, on top of mortgage repayments.
Rates, utilities, house insurance, maintenance costs, higher transport costs ? these will all negatively impact your finances, and must be factored in to what you can afford.
A dream home is just that: a fantasy. Location and lifestyle are key when purchasing a home, but they must be flexible enough to bend to your budget. Lower your expectations to match what you can afford, and you?ll not be disappointed.
Do your due diligence
Pest and building reports are expensive, but essential. A few hundred dollars spent on vetting a property before an auction, could save you tens of thousands of dollars in repairs down the line. If you?re buying on a strata title, look into your rights and financial responsibilities before you sign on the dotted line.
Trust the experts
Do your homework and seek out professional advisers, who will be able to guide you at every step of your property-purchasing journey. Quiz them on their credentials and get second opinions ? don?t be afraid to shop around. By surrounding yourself with a team of trusted industry professionals, you can be confident your first bricks-and-mortar investment is built upon a solid foundation.
Louisa Sanghera is a Finance Broker for Residential Mortgages, Vehicle and Asset Finance, Commercial Lending and Budgeting and Cashflow Coaching with Zippy Financial.
She has?gained more than 30 years in the Banking and Finance Industry, and since founding Zippy Financial, has become a multi award nominated expert in the field of finance featuring regularly in industry press and speaking at finance and investment seminars across the country.