If you’re looking to buy your first house, there are plenty of tips and considerations out there that will make navigating this process a lot easier and much less stressful.
Having a checklist handy while you’re looking can also save you a lot of headaches and can make you confident that you’ve found the right home for your situation.
Whether buying your first ever family home, holiday house or investment property, our 4 tips can help with such an important decision:
Is the land right?
Hopefully owning a home is going to be an appreciating asset, as in it will increase in value over the lifetime of the loan.
What is important to consider is that in most cases, the house itself will depreciate in value, so the growth potential in the land the property sits on, will generally drive to growth in the overall property.
Is the house sound?
There are many things to check for when judging if a house is sound but they can include things like a saggy roofline or internal ceilings, rust on downpipes or signs of termites or other bug infestations.
Unless you’re a licensed builder you’ll need to get the property fully inspected before purchasing to make sure you won’t be stung with any nasty surprises is a few years time.
Is it the right title?
There are a few different ways in which you can own a house including; an Common Law Title, Company Title, Torrens Title and Strata Title.
Make sure you consult with your broker on the best type of title for your needs and plans for the property.
Decide on a budget, and stick to it!
Your bank or mortgage broker will be able to discuss with you your current income and borrowing potential so you are able to purchase the best house for your situation. It may be tempting to creep a little over the budget here and there, but this can quickly become out of control and can have very serious consequences.
This may not mean you’ll be able to afford the house of your dreams, but a sensible budget will ensure you can continue to afford the mortgage and the house remains yours for as long as you like.
Mortgage Masters are expert mortgage brokers in Newcastle, Maitland and Hunter Valley. Get the best mortgage advice by contacting us today!