Things to think about before buying your first home

Getting ready to buy your first home is exciting. But it is also daunting as there is a lot you need to think about. You’re thinking about your credit score, bonds and saving for a deposit. 

We’ve compiled some tips to help you make one of the biggest purchases of your life. Think it through. Buying a house, particularly your first one, is a massive decision which will likely have an impact on the rest of your financial future. Take your time and make sure you’re ready. Be certain you can afford a home loan and don’t feel pressured to make a  decision.

Be patient. It can be difficult to find the right home for you. You’ll have certain ideas in mind about the type of space you’re looking for, which area you’d like to buy in and what you’re willing to pay. It can be very difficult to find a house which ticks off all those items on your checklist. But it is out there, so remain patient, keep hunting and you’ll find the right home eventually.

Don’t pay more than you can afford. Many people will encourage you to buy the biggest home you can afford. But you need to keep in mind buying a home comes with additional expenses like insurance, maintenance, and rates and taxes. Be sure you are only looking at homes you are sure you’ll be able to afford.

Check your credit. You’re entitled to a free credit check every year. Make sure to take advantage of this so you know what the banks will be looking at when you apply for a bond. If your credit isn’t looking great, this is your opportunity to try to improve it as soon as possible.

Save for a deposit. Some banks don’t require a deposit, but most do. You’ll also be able to pay off your home faster if you’ve put down a deposit as you’ll be spending less time paying interest. Make sure to save as much as possible for the deposit - at least 10 percent. Remember. There is nothing wrong with renting as it comes with its own advantages. 

Buying a home is a big responsibility, financially and emotionally, so be sure you’re ready.If you are on the path to buying your own home, good luck. Keep these tips in mind and you’ll be a homeowner in no time at all.

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