A home is unarguably one of the biggest investments anyone can make. Other than the value it holds; your home is also somewhere you should feel comfortable and at ease after a long busy day at work. It is something you should be proud of even when you invite your guests over. Additionally, having a good, well-maintained home can also give you access to financing (homeowner’s equity), considering that it can act as security or collateral for homeowner’s equity.
Assuming that you have just gotten your first job or you’re considering relocating to a new place, say in Australia, there’s a lot that you have to consider for you to get a home that will satisfy your needs and preferences. You obviously don’t want to make mistakes that will leave you regretting later in life.
This is why you should do these 4 things first if you want the best home in Australia.
1. Think of your dream home and start saving early
It may sound cliché, but having a dream home in mind is actually an important step that most people skip. For starters, buying or building a house doesn’t come cheap. Preferably way earlier in advance before you even think of building or buying one, it is important to know what you want and have in mind a few things that you would need in your ideal home. For instance, how many bedrooms would it have? Would it be a single storey or a two-storeyed house? How about the size, and what would you prefer the surroundings to look like? Again, houses don’t come cheap and with these in mind, you will want to start saving up early for your mortgage down payment.
2. Do your research
Sticking with the example above, you will also want to do some lengthy research about the various places in Australia that have land or homes for sale. Find out who some of the best construction companies and real estate agencies are. When building a home, Damian Will from NovusHomes.com.au recommends going with an established company that has a good reputation. He warns against using a newer company that may not even finish your home. All the same, you will get most of this information online and you might even come out with a rough idea on how much you should arm yourself with. Find out as much as possible about homes in the various neighborhoods you could be interested in.
3. Decide on whether to construct or buy
While most people go for new or even used homes, some prefer building their own from scratch. While buying an existing home is less tedious, somewhat cheaper, and is more convenient, building one from scratch allows you to make your own customizations and you’re also less likely to be subjected to unhealthy or toxic materials associated with some old homes. Both building a home and buying a new one have their own pros and cons. Here, it is mostly a matter of what works best for you in terms of convenience and budget, which brings us to the next important point… financing.
4. Think about budget and financing
It is important to have a budget in order and prepare yourself adequately in terms of financing before or when thinking of getting a home. Based on the features you need in your home, your preferred location, and whether you’re building a new one or buying an existing one, creating a budget should be much of a challenge. Seeking financing even becomes easier if you have saved enough for your mortgage down payment and you have maintained a good credit score. Be sure to research the various mortgage lenders in Australia and compare them to find out which one offers the best interest rates and loan terms.
Finally, moving into and settling in the home of your dreams can be really satisfying. But it may not be an easy undertaking either without proper planning. With the above tips in mind, however, the whole process can be a breeze and you will have a big reason to thank this post!