Top Tips for Buying a Property

Trying to find and purchase your dream home is not an easy task. With interest rates continuing to hover around record lows, now really is a good time to jump into the property market.

Here are five tips to help you enjoy a stress-free home buying experience

Identify your Property Needs:

Write down a list of features that the property must have including the number of bedrooms and bathrooms you require, whether you need a covered garage for your vintage car or perhaps a generous backyard for your Golden Retriever. Once you know exactly what you are looking for, you can narrow down the list of homes you wish to inspect. Don’t visit properties that don’t meet most of your requirements – unless you are willing to spend big on renovations.

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Make the mst of your Property Inspections

If you visit six different properties in the space of two hours, chances are the homes will blend into one by the end of the day.  Take photos of the different properties you visit, write notes on the features you loved and hated, and always take the brochures being offered by real estate agents. 

Define your Monetary Limits

See a mortgage broker to get an idea of the maximum amount you can spend on your new property. If your limit is $600,000, stick to it. Don’t get caught up in the excitement of an auction and bid beyond your means – this will lead to additional financial pressures for the term of your mortgage.

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Prepare and regularly update a budget

Identify your income and monthly expenses in a budget. The difference between your net income and outgoing expenses should be more than your expected mortgage repayments. Don’t forget to account for things like utility bills, rates and home and contents insurance. Remember to update your budget regularly to identify areas of overspend and areas where you can save money.

Research your home loan options

There are a range of factors to consider when comparing home loans. Consider engaging a home loan specialist such as a mortgage broker to help navigate all the options available to you.  A mortgage broker will be able to help you understand your borrowing limits, compare interest rates and features and identify the home loan that best suits you and your needs both now and in the future.

Armed with these tips, you may just be able to find the right property for you. And, given the current state of the property market, now really is a good time to buy. For more information on your home loan options and borrowing capacity, call us on 0415 920 585.  

Posted in: Upgraders / movers

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