Professionals Nowra For many the dream of purchasing a property may seem out of reach, but if you’re serious purchasing a property can become a reality.
Here are a few tips to get you on your way:
Get serious about saving – Rid yourself of excess debt, do away with credit cards and finish off any car or personal loans. Make saving for a deposit your top priority.
Even if you’re in your late 20’s or 30’s, don’t be embarrassed to share a house or find cheap rental options – maybe even living with family for a short time could be the answer to saving that deposit quicker.
Banks generally lend between 80-90 per cent of a properties purchase price to a first time home owner. So in addition to having a 10% deposit you will need to have funds to cover additional fees, such as lender mortgage insurance, stamp duty and legal costs – which can add up to around $20,000!
Sort out your finances – Speak to a mortgage broker and get advice on the best way to structure a loan that fits your needs and budget.
Apply for the First Home Owners Grant early. It’s best to do this when you apply for your loan. In NSW you may be eligible for a $10,000 grant if you are buying or building a new home valued up to $750,000. Also look into stamp duty concessions and special grants you may be eligible for.
Start small –consider properties that are not your first, second or even third choice. While it should be something you can comfortably live in, it needs to fit your initial budget. Do not buy something you cannot afford! You may need to forgo some of your ideals to enter the market but once you have entered the market you can upgrade from there.
Look further afield – to find a property in your price range you may need to search for properties in areas you may not normally live in. You may need to buy in upcoming areas or new developments in outer suburban areas.
Be a cynical buyer – make sure you get a pest and building inspection and always do as much research as possible.
If buying property is your goal, then make it a priority. Start saving and seek out a financial advisor and property mentor to get you started. Remember your first property is rarely your last. It does not have to be your dream home but getting out of the rental cycle is the first step to one day owning that dream home.
For further information contact Professionals Clyde Poulton Real Estate Nowra on 4421 2644.