Smart Tips on Buying Your First Dream Home in Perth
Almost everyone dreams of owning their first home where they can live peacefully without stress. Most wish to own a home where they don’t have to worry about the rent, the landlord’s whims, and any restrictions that come with a rented house. However, it is usually not very easy to purchase your first dream home with the high cost of property ownership across major cities including Perth. In this article, we will discuss smart tips to buy your first dream home in Perth at an early stage in life.
Inculcate Financial Discipline To Save For Deposit
The key to making your dream home a reality is financial discipline. You need to pay a deposit on your home loan which is generally 20% of the property’s value. Thus, if the value of your property is $500,000, your deposit would amount to $100,000. You could also choose a low-deposit home loan which entails a smaller deposit ranging from 5% to 10%, but that comes with greater risk. In any case, it is advisable to build your deposit by making financially prudent choices. Start cost-cutting, avoid wasteful expenditure and try to clear your debts.
Do Your Research On The Home Loan
The housing finance market can be complex with a variety of home loans that offer different features. With a multitude of options available ranging from fixed to variable rate loans to interest-only loans, it is advisable to thoroughly research and compare various home loans. This way, you can ensure that you're getting the best interest rate and other facilities. Determine whether you’re eligible for the home loans you prefer. Check with a number of lenders to ascertain the amount of money you can borrow based on your financial position and other debts.
Consider and Fix Your Budget Carefully
There are two kinds of budgets that you need to analyze when you’re planning to buy your first dream home - the budget of buying the home and the ongoing budget of living in it. There are various maintenance costs of living in a particular house in a particular neighborhood. For example, if you get a pool in your home, there will be a significant cost of maintaining and cleaning it. Thus, it’s important to consider your future plans, income and the overall future cost of living in your home. Make sure if you will be able to sustain the loan repayment and cost of living when you decide to buy a home.
Choose The Location That Suits Your Lifestyle
The wrong choice of a neighborhood can end up in dissatisfaction for you and your family. You must thoroughly analyze your lifestyle needs in order to pick the location for your dream home. Take in account the proximity to your workplace, schools, parks, department stores, restaurants and other recreation opportunities when deciding the location of your home. Moreover, find out about public transport and other facilities in the neighborhood.
Hire an Expert
Finally, it is a good idea to hire a first home expert who can help you in each step of your home buying journey. A good first home expert will take care of everything from procuring finance to finding a location and building the house. If you’re planning to get your first dream home in Perth, contact us at Escape The Rent. We provide all kinds of services related for first home buyers and ensure that our clients get the perfect dream home. To know more , contact us.