Have You Decided To Buy Your First Home?

Buy Residential Property Sydney

There is a lot to organize when you decide to buy a residential property in Sydney. If it is your first time buying a home, you learn the process as you go. The first and most obvious place to start is to find out whether you can afford a mortgage. Before you start seeking your dream home, carefully work through your finances to see how much you can spare to service a mortgage. 

 

Create your property wish list

The perfect property is a rare species. The chances are that you will have to make some compromises. It is helpful to work out a must-have and a nice-to-have list. Primary considerations might include access to public transport, schools, parks, proximity to your workplace and recreational facilities. Or you might want a backyard on your property.

 

How much can you afford?

Knowing your boundaries is a vital step in your journey to becoming a first-time buyer. Keep the following crucial factors in mind while determining your budget:

  • Current interest rates
  • Potential income growth
  • Your job security 
  • Impacts of family changes like having children
  • How much could you afford to pay off a mortgage (if needed)?
  • Saving for your first home

When saving money for your first home, the first thing is not to save blindly. Instead, plan what you need to aim for, and thus, you can adopt a saving strategy that works best for you. Then, go through your loan options with a lender or a reliable mortgage broker nearby. Also, keep associated loan costs in mind, including stamp duty, loan set-up fees, legal fees and more.

 

Different ways to buy your first home

You can find more than one way to buy a home these days. Here is a round-up of the most popular ‘alternatives’ to the traditional method of buying a property.

  1. Buy to rent

    While searching for your first home, you could consider buying a property with a spare room that you could then rent to make it easy to pay the mortgage. If you have worries about your ability to make the repayments, this could be your option.
  2. Rentvesting

    Rentvesting is an increasingly popular way to buy a property in places with high prices. It is a strategy where you rent a property that suits your lifestyle while you own an investment property that is right for your budget.

  3. Buy off the plan

    Buying off the plan means you do not have to pay the full amount for the property until it is completed. This gives you extra time to save between paying the deposit and settlement.

 

At Realnest Property Solutions, we are a team of enthusiast real estate managers and consultants who can provide you with the proper knowledge about buying, selling or renting a property. Let us create an innovative strategy specifically designed for you if you are on the market with significantly less clue about buying your first home.