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Buying a home is a great goal to work towards – one that will improve your wealth, and your lifestyle. But such a big step calls for some careful planning.
There's a lot to love about home ownership. It provides a sense of security, the opportunity to add value through renovations and a chance to build community ties for you and your family. It's also a major commitment, and there's more to getting your purchase right than just choosing the ideal property.
A well chosen, well priced property will deliver healthy capital growth over time, but it is important that you are financially ready for the purchase. There are plenty of factors to consider that can be easily overlooked in the excitement of buying your first place.
Work out what you can afford to spend, and buy in the best location you can afford. Research the area so that you have a clear idea of what properties are selling for - the last thing you need is to pay over the odds.
Don’t forget to include upfront expenses like stamp duty, legal fees, a pre-purchase pest and building inspection and borrowing costs. It’s essential to allow for these so that you aren’t left scratching for cash once you’ve signed the contract of sale.
Following a household spending plan is vital when you’re paying off a home loan. Use your spending plan to see how well you’d cope with the arrival of a new baby, job loss or a couple of increases in interest rates.
Paying a deposit on your new home gives you a financial interest in the place, so you’ll need to take out building insurance (this covers financial loss should something happen to the building). This can be expanded to cover home contents once you’ve moved in.
Income protection insurance is essential when you have a home loan. It’ll provide a regular income so you can continue to meet those mortgage repayments even if you can’t work for a while due to illness or injury.
As a home owner it’s worth getting serious about personal insurances. Total and permanent disability (TPD) cover provides a payout if a medical condition prevents you returning to work. Updating your life cover will give your family financial peace of mind if tragedy strikes.