Buying your first house*
A lot has been said recently about how difficult it is to get on the property ladder with young people staying at home with their parents or living in rented accommodation for much longer nowadays. You may have looked at houses in somewhere like Founders Village, but looking and buying are two completely different things. If you’re looking to buy your first home, here are some tips which might help you…
Save save save
It is literally ALL ABOUT the saving when it comes to buying a house. The bigger the deposit you can save up, the easier it will be to get a mortgage and the less you’ll have to pay each month and so the more saving you can do before you buy a house, the better. Try to cut down wherever possible, swap takeaways and meals out for cosy nights in, take a packed lunch to work instead of nipping in Pret, and drive on nights out instead of drinking (your liver will thank you too!). Wait for birthdays and Christmases and ask for things you really want rather than impulse buying and treating yourself. Ok, so saving may not sound like too much fun but it will all be worth it in the end when you’ve got a beautiful new home.
Shop around for a mortgage
There are still good deals to be had on mortgages and interest rates are still relatively low. Have a look at all the mortgages available to find the best deal for you. When it comes to looking for a mortgage, there is so much to think about. This is why doing research into aspects such as mortgage relief, credit scores and taxes would be something worth considering, as this can help make this process a lot less stressful. Sometimes bank customers also get preferential rates so it’s worth checking with your own bank if there’s anything they can do for you first. Go and see an independent financial advisor similar to what you can find at Precision Funding (https://www.precisionfunding.com.au) who will be able to look into different deals for you and will also work out how much you can afford. As they aren’t tied to any of the banks, their advice will be completely impartial.
Be willing to compromise
Of course, we all have our own ideas of the perfect house, but that might not necessarily be your first house. Write a list of all the attributes you can’t put to one side and all the things you’re willing to compromise on. What’s more important – the house itself or the location? As Kirsty and Phil always say – they didn’t call it Location, Location, Location for nothing!
Don’t let it get too stressful
Buying a house is the number one most stressful thing that you can do, but try not to let the stress zap all the fun out of what is supposed to be a really exciting time. Inject some fun back into the process by planning your interiors before you move (even if it’s only dreaming!). Set up some Pinterest boards and pin away while you’re dreaming about all the parties you can have in your new pad!
Let me know your top tips for first time buyers in the comments below!
*This is sponsored content