There’s nothing worse than finding the home of your dreams – only to find that it’s too expensive. Or buying in an area that you decide – after settlement – is not right for you. Or even locking yourself into an over-expensive loan. It’s impossible to guarantee that you’ll find your perfect dream home, but having a strategy in place can help improve the odds.
- Decide where you want to live before you start looking. Location is very important and it will save you a lot of time and searching if you already know approximately where it is that you want to live.
- Factor in a future rate rise. Interest rates are on the rise – so factor in a few more increases when deciding what is affordable for you.
- Get to know the market. Don’t risk of “falling in love” with the first property you see – only to find out later that you have paid too much for it. Do some online research and visit plenty of properties before you start talking offers.
- Shop around for a great value loan. Check CANSTAR’s First Home Buyer Award report, as well as comparing what’s available on our database.
- Get a property inspection. A property inspection is essential for highlighting any structural faults as well as the presence of any pests.
- Maximise your chance of getting approved for a loan. Check your credit rating, put together a detailed written budget and pay down any consumer debt that you have before visiting your financial institution.
Finally, of course, be patient. Buying a home is important and you want the decision you make to be the right one. If you’re lucky you might find your dream home in the first week – but if you don’t then be prepared to keep looking.