The Australian dream is to buy a home, we all grow up desiring somewhere we can call our own from an early age. Australia’s obsession with the film ‘The Castle’ proves this.
Having somewhere to lay your head that you own is a wonderful and worthy goal, here’s how to make it happen
1. Sort out your money
This is the most daunting but crucial steps to home ownership. It is imperative to get this right, without it nothing else works. A simple way to measure how much you need is to calculate how much money you earn, how much money you spend, and how much money you save. The goal is to divert as much cash to savings as possible. This doesn’t mean you have to sacrifice your lattes or your smashed avocado, it just means that you have a saving plan. Saving a healthy home deposit is one of the greatest keys to unlocking real estate ownership.
2. Find out what you can borrow
Once you have a saved a deposit, or are at least on your way to a deposit it is time to meet with a broker to see what you can borrow. If you have a solid budget plan with documented evidence of your earnings, spending, and savings a broker will easily be able to pull together the numbers and share what you can borrow to buy a home. It is often easier to speak to a broker before you start your real estate search so that you can be realistic in the properties you are looking at.
3. Start your home research
This is where it starts to get very exciting! You now know how much you can save, how much you can borrow, next it is about finding the right property. The reason we recommend finding out your borrowing capacity before your real estate search is so that you can come up with a realistic plan for real estate ownership.
4. Stick to the process
It’s easy to get emotional about buying a home but if you can keep a level head, remember your numbers on what you can borrow and stick to the process you will walk away with a low stress real estate search that will help you get a great property in a budget that suits you with repayments that are realistic.
If you need any advice regarding the above please contact us at https://www.blackpropertycc.com.au/contact/