If you’re looking at buying your first home you are probably feeling a mixture of excitement and nerves. It’s a big step forward for your future and you want to make sure you don’t end up hating it or ending up with a house that has a lot wrong with it.
If you’re worried about things that you should be doing (or not doing) when looking to buy your first home then read on for three things that you should definitely consider.
Savings = easy home loans
The first thing that you need to consider, before anything else is your budget. If you’re looking for a house the chances are that you’ve already started to save for a deposit and there is no underestimating how important your deposit can be. A good general rule of thumb is to save between 5% and 20% of the cost of your house. Any more than 5% will give you wider access to a cheaper range of mortgages and might make it easier for you in the long term.
As well as saving for a deposit, you also need to consider the other costs of buying a home. Unfortunately you can’t just look at a house, put down a deposit and move in. If only it was that easy! There are many other costs to think of such as solicitor’s fees, buildings insurance, survey costs, stamp duty and the initial furnishing and decorating costs after you’ve moved in. Make sure to allow for these costs in your savings, as you could end up well over budget.
Mortgages can be frightening, beat them!
Make sure you look around at what mortgages are available to you. It can be tempting to go for the first mortgage you find so you can get on and move into your own house but this is rarely ever the right thing to do. Look around at all the different kinds that are available and make sure that you choose one which suits your needs. Another thing about mortgages which is important to remember is that you will need to provide evidence of lots of things when applying for a mortgage. An accountant melbourne should help you with these things These include evidence of income and evidence of outgoings such as debts, household bills and other costs like childcare. Making sure you have all of this prepared beforehand will save you a lot of time. Get in contact too with a tax accountant melbourne for a better understanding of finance and to assist you with purchasing your future home.
Hiring in a professional even for stuff that aren’t commercial property loans
The third most important thing to consider is whether or not you should hire professional help to get you on the property ladder. Although you may be confident that you can do all the research yourself, by not hiring a mortgage broker melbourne you can run the risk of missing out on things that you haven’t even thought of. It may seem like yet another additional cost that you’re paying but it is money well spent. Home loan brokers melbourne know the business inside and out and often work independently of banks meaning they won’t be trying to sell you things. They genuinely have your best interests at heart and will take all your information so they can find you the best mortgage that suits you.