Before the house hunt begins, it's important that all prospective
buyers read up on the homebuying process so they know what, or what not
to expect. Familiarising themselves with the situation is in the
property market at the moment will give them a step in the right
direction.
The
first question all prospective home owners should ask themselves is
"can I afford to buy?" While this may seem rather obvious, many first
time buyers rush in to the decision and often end up wishing they had
spent more time calculating their finances. If you simply cannot afford
to buy at a given time, wait. Wait, keep saving and cut back on
unnecessary expenses until prices naturally drop.
Today most
houses will require a deposit of at least 10%, for many this will be
significantly higher. However, it's worth remembering the additional
costs of home buying as well. Besides raising money for the deposit,
there's also survey costs and mortgage arrangement fees, insurance costs
as well as the cost of fitting out the house itself.
For young
couples, the obvious advantage is their combined wages. However, any
singles out there looking to buy property may find it twice as difficult
to save the funds required. The best solution here is to team up with a
friend or relative to pool funds together, apply for a joint mortgage
and perhaps work out some sort of legal contract.
Remember, don't
pay too much! In today's market, developers are desperate to sell. While
some may overprice properties to begin, it's your job to make an offer
and get a good deal.
Despite money worries, it's important not to
let this be the sole deciding factor for you and your home. The right
location is, and should be key for choosing a home. Distance to family,
friends and of course, work, is an influential factor for the majority
of buyers. Some people choose to move away from the areas they know to
find cheaper locations for buying property. However, don't simply settle
for a location you don't like or haven't got to know just because the
prices are cheaper. It will only affect your happiness in the long term.
