The first thing you need to do is determine how much money you can afford to pay toward mortgage payments. Staying within you budget will save you from suffering financial problems in the future. Once you know your budget it will help you to select the properties that fit within your budget.
Avoid extending yourself financially as this can lead to financial ruin the future.
This is the hard part but saving for a good deposit is wise. You will be required to pay a minimum 5% of the total purchase price as a deposit but the ideal sum to save is 20% as this will save you from paying lender’s mortgage insurance. An even better scenario is to have an even larger deposit as your mortgage payment will be lower.
Do some research on line. This is easier than driving around different towns and suburbs and not knowing the available options. When researching on property websites you can find an overview of average cost of properties along with other information such as amenities and transportation etc.
You need to see other options available. View some other properties with your requirements in mind and make the comparisons before deciding on one property.
Talk to the real estate agents in the area you want to buy. Leaving your details with them can put you in a great position to hear about new properties on the market, price adjustments and sold prices. This can help you in your research for finding your dream home.
It is prudent to order a Pest & Building Inspection when you at the stage of buying the property. This will alleviate any nasty surprises later that could cost you money.
Ask yourself if the home is in a good neighbourhood? Is it a safe neighbourhood? Where are the schools in relation to the property? How far is it to the shopping centre? Is there a hospital in the area? Are there playing fields for the children?
Try and the visit the neighbourhood a few times to get a feel for it. Visiting the neighbourhood at different times of the day will give you a feel for whether it suits you.
Don’t be tempted to go too big too soon. Buy the home that suits your budget. Later you can save more and buy the dream home. Just remember ….. don’t make hasty decisions. You will be spending a large sum on the property and you need to consider the needs of your whole family.