5 things to keep in mind when purchasing a property!
Sponsored Content, provided by ALI Group.
Choosing where to buy, determining your budget, and deciding if owning makes sense for you are a few of the key things to think about before you start the property ownership journey. Lucky for you, we've partnered with the loan and mortgage protection experts ALI Group to overcome five first-time home buyer issues you may encounter along the way.
1. Letting your emotions override your logic.
Buying a home can be a very emotional process, filled with highs and lows, but keeping a level head throughout it will pay off. At auction make sure you know your limit and stick to it. Don’t get caught up in the trappings of your competition and extend yourself financially beyond reprieve.
2. Underestimating additional costs.
Stamp duty, council rates, and transfer fees are all extra costs you'll need to factor in when figuring out how much you can afford. Separately, you must consider interest rate rises and do your loan repayment calculations based on a potential interest rate rise. You can’t live off 2-minute noodles forever!
3. Not getting an inspection report.
Undoubtedly, you'll have done some research before putting an offer down on a home. Get a correct assessment of your investment by getting a professional inspection report. That way, when you're handed over the keys, there won't be any nasty surprises.
4. Worrying 'what could happen' next.
Sure, having a home loan is a big responsibility that you must keep on top of, but worrying about what might happen in the future is a waste of time. What if I lose my job? What if I get really sick? Nip those niggles in the bud by speaking to your mortgage broker up-front about loan and mortgage protection.
5. Ensure you’ve got up-to-date pre-approval.
Sounds obvious, doesn’t it? However, it’s easy to forget when you’re going to auctions and inspections week in and week out. After all, if you are successful at auction you must have the funds to cover it!