Before you decide to purchase your first home, there are a number of things to consider. Your personal circumstances, financial situation and housing goals all play a part in the buying journey. Whilst getting a foot in the property market door can seem challenging, with the right advice and a little commitment, it can be done.
I spoke with Business Development Managers from major lenders and asked them what their top tips were for first home buyers. Here’s what the industry experts had to say…
1. Research
Begin by researching the market, location and types of properties.
2. Set goals
Set yourself some realistic saving goals and a budget for living expenses and loan repayments. This will give you a better idea of the purchase price you can afford.
3. Get your finances sorted
Ask questions and seek advice from those with experience. A financial specialist can walk you through the buying process from beginning to end, assisting with a loan that best suits your needs.
4. Start now!
Finally, make a start early. Obtaining your first property, whether it be a home or investment, opens doors for future purchases.
