When you first move into your own place, as a first home buyer, it is one of the most exciting times you’ll ever go through. If it’s your first time buying or renting a property it’s also going to be one of the most stressful times that you’ll ever go through. But you do need to make the leap, and escape the grasps of your parents at some point. The freedom that being on the property ladder gives you is amazing. Now, as we said, it can be pretty stressful, and at some points just really annoying. So with a few tips below, we can advise you as to how you can get on the property ladder as smoothly as possible.
It is also important if you live in NSW Australia, that you are familiar with the First Home Buyers Scheme.
Know Your Limits
It is going to be a really stressful situation when it comes to money. There’s going to be more hidden costs than you realise, and it’ll probably take you a lot longer than you realise to save. Some people however, chose to go for rents in particular that are a lot higher than they realistically can afford. One of the downsides to renting is you generally have to pay a much higher amount to actually get a house that you like. For your first move, you might as well go for something much more affordable, than your second move can be the one where you go all out. The last thing you want to do is find yourself struggling. Your first move should be generally a good experience.
Preparation
Once you know what your limits actually are, you need to think about how you can get there. We’ve already spoke about the hidden costs that you might come across, but there’s the added cost of everything else you might need to pay for. There’s furniture, accessories etc. All of which is going to come to a pretty hefty price tag. One way of spreading the cost a little and taking the stress away from yourself is by taking out a credit card. Companies such as GoBear let you compare different credit cards to make sure you get the best rate and deal that is going to be right for you. But don’t get carried away. Just because you don’t have to pay is straight away, it will come back to bite you before you realise. You also need to be prepared for the independence as silly as it sounds. There’s going to be so many things you’re not prepared for when it comes to moving out. Make sure you know how to do all the basic cooking and cleaning tasks.
The Right Time
Some people say you can never predict when the right time to enter the property ladder is. There’s so many things to consider, such as the things above. Are you prepared, do you have the money. But if you’re buying in particular, you also want to try and determine when is the right time to buy to get the best value for money. The prices of property rise and fall each month. If you time it perfectly, you could be looking at making a profit if you ever go to sell in the future.
