If you’re in the market for a new home, one of the most important factors to consider is location. If you’re a first home buyer, sometimes staying close to family and friends may not be financially feasible unless of course you decide to compromise on the property type (unit vs house or ready to move in v’s a “renovators delight”) Here are some key things to keep in mind.
First and foremost, it’s important to consider your budget when selecting a location. You don’t want to stretch yourself too thin financially by buying in an area that’s outside of your means. On the other hand, you also don’t want to settle for a less desirable neighbourhood just because it’s cheaper. Finding a balance between affordability and quality of life is key.
Another factor to consider is family proximity. If you have children or other family members who live nearby, being close can be a major advantage when it comes to childcare or just simply catching up for a coffee. Being too far away can be isolating and rack up the cost of travel.
Budget: Establish Price Range
Homeownership is an exciting milestone, but it comes with a significant financial responsibility. One of the most important things to consider when purchasing a home is staying within your budget. You don’t want to overstretch your finances and find yourself struggling to make ends meet in case interest rates rise or unexpected expenses arise.
The first step towards sticking to your budget is determining what you can afford. This includes not only the cost of the home but also additional expenses like strata fees (if you opt for a unit or villa), maintenance costs, and mortgage insurance premiums. You should also factor in potential future expenses such as renovations or upgrades that may be necessary down the line.
Once you have a clear understanding of what you can afford, it’s essential to stick to your budget when shopping for homes. It can be tempting to look at properties outside of your price range, but doing so could put you in a precarious financial situation down the road.
It can be so tempting to go that little bit more expensive, but try and stay within your limit.
Research your area of choice:
If you’re planning to move to a new area, it’s crucial to research the location beforehand. By doing so, you’ll be able to get an idea of what life would be like in the area and whether it suits your lifestyle. To make things easier for you, we’ve compiled some tips on how you can best research your area.
One of the primary factors that can affect your daily routine is public transport. You’ll want to know what kind of transportation options are available in the area and whether they’re easily accessible from where you plan on living. Check out bus routes, train lines or even bike lanes if that’s something that interests you.
A family with children will also want to consider the schools in the area. Researching local schools will help give parents peace of mind knowing their child is getting a good education nearby.
Here’s a tip, if it’s a new area that you are looking at, try travelling there after work for a full week to see what the commute would be like, or start shopping for groceries from “your local supermarket” to see whether you like the local services OR best tip, if you know someone who already lives in the area, ask them what they like or dislike about the area.
Understand your Budget and Secure your loan by using a Mortgage Broke
Are you in the market for a loan to purchase your dream home? Have you been overwhelmed by all the different lenders and their confusing terms? Look no further than a mortgage broker! Mortgage brokers have access to many lenders, meaning they can find the best loan options for your specific needs.
Using a mortgage broker is especially beneficial if you don’t have much experience in the lending industry. Brokers are experts in navigating through complex loan processes and finding solutions that work for you. They will take time to thoroughly understand your financial situation and goals before recommending any lenders or loans.
Another advantage of using a mortgage broker is that they may be able to secure better rates and terms than what you would get on your own. This is because brokers typically have established relationships with multiple lenders, giving them leverage to negotiate more favourable deals. There are no upfront costs or fees associated with using a Broker and they work in your Best Interest, it’s our duty!
We know exactly what the lenders are looking for and will recommend the right product for you. We work for you, not the Banks or the Lenders.
You will be given at least 3 of the best options to choose from that will suit your needs and goals.
Ready to Buy!
Purchasing a home is a huge step and can be a bit overwhelming. However, with the right research and preparation, you can find the perfect place to call home. It’s important to consider all aspects of the property you’re interested in, from location to budgeting. Once you’ve taken these steps, it’s time to make your dream of owning a home come true. Don’t forget to get excited!
If you require assistance or would like to discuss these matters further, please be sure to contact us on 1300 85 64 65 or email us at firstname.lastname@example.org