The things you didn’t think of when planning for your new home purchase in Sydney
There are many things to accomplish and do before you can buy a house in Sydney. Other than the usual fixing your credit score and securing a property deposit, we list down some more out of the box suggestions on how you can prepare better for your home purchase.
Think two years ahead
Making regular mortgage payments is a commitment that requires discipline. You should allot enough money and time. Ask yourself, can you make the mortgage payment? How about insurance, taxes and general property maintenance expenses? Think of all the usual expenses that accompanies homeownership.
Make the necessary calculations before buying a home. Figure out your monthly mortgage payments and all other property related expenses as a percentage of your net salary. How does it look?
If you can save the calculated amount every month, then you may well be on your way to being a homeowner. See if you can maintain such a savings amount for a period of two years – at the very least compute if you have been able to save as much for the past two years. This will tell you if you can afford your home purchase or not.
Sell everything you are no longer using
The less stuff you own, the less space you require. In property terms, the less space you need the smaller property you need. Often, paying for a smaller house or apartment is more affordable than a large house.
Of course, you have to consider the people living with you but if your belongings are the only ones that get in the way of you affording a new house then let them go. More likely, you have a storage area full of things you never use. You will only realise the “actual” space you need if you get rid of the unnecessary belongings. To a certain extent, selling your possessions can also give you extra income.
Buy a home based on your current situation
Purchasing a house because you think you will get married or because you are “supposed” to can only exhaust your income more than give you a worthwhile property. It is good to think long term but if chances of you having a family will not come in five years time then why not settle for a smaller house? You can save the money you will shell out otherwise on a bigger home with no one to share the space with.
Invest in a home because it is what you can handle, need and want at the moment. It is best to talk to a real estate agent about your options regarding your current situation.
The key to preparing to be a homeowner is to practise good savings and new lifestyle habits as early as possible. This will help take away the shock and stress that you may otherwise encounter.
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