Are you a first-time home buyer eager to get into the market? Here are steps to take to help you decide whether you're ready to take the plunge.
- Check the selling prices of comparable homes in your area. Web sites such as Realestate.com.au & REIWA can give you a general idea of what you should expect to pay.
- See what you can afford. Use our mortgage calculator to see what your payment would be.
- To get an idea of what you'll pay in Insurance, pick a property in the area where you want to live and make a call to a local Insurance agent for an estimate. You won't be obligated to get the insurance, but you'll have a good idea of what you'll pay if you buy.
- Look at your budget and determine how a house fits into it.
- Talk to Encore Property Group’s Sales team about the current market. Do they believe prices will fall or do they think your area has hit bottom or will rise soon?
- Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there's no landlord to turn to, and these costs can drain your bank account.
- So consider whether you're ready for the expense and effort of homeownership before pulling the trigger.