Buying your first home? Owned a home before and looking for a refresher course? Either way, STARK Finance is here to offer you some great Australia home buying tips. When you are buying your first home, here are some considerations to keep in mind:
Always Consider the Long Term
How long are you planning to stay in your current location? If you are planning to get married, have kids, host elderly family members, or move to a different job in the next few years, these life changes can all affect the layout and style of the house that may suit your needs best. Be sure you are taking out a mortgage on a house that you love and plan to stay in for a while. Even if you move to another place, you will still need to pay off the debt you owe, so you should strive to only buy a home when you are certain you will live in it for several years.
- Consider career opportunities. Would advancements in your current line of work allow you (or require you) to move to another location? Are you willing to pass up promotions that would require you to move?
- What is the current state of the market? The house market changes frequently, so it’s difficult to know exactly what it will look like if you do eventually move again, but if you do decide to accept a promotion or a new job that requires you to move, you may lose money if you are forced to sell your home during low periods of the selling market
Apply For a Mortgage Before You Begin Looking at Homes
Before you fall in love with a house, be sure you are looking at homes you can actually afford. The housing market tends to be highly competitive, especially in good neighborhoods, and your offer is more likely to be taken seriously when you have a mortgage pre-approval. Speak to your mortgage company and determine how much you can spend before you waste time browsing homes out of your price range, and before you get in over your head by trying to offer on a home you can’t afford.
- can offer you experience and expertise if you’re looking to take out a mortgage for the first time. Find more information about home loans and interest rates on our blog.