It has been said time and again but the truth of the matter is buying your first home IS an exciting prospect. Buying any property is a brilliant experience.
If you have done some homework then you know that the most important thing is your deposit. Once you have a deposit saved, your broker can assess your income and existing debt and advise you as to how much you can afford to borrow.
First home buyers can feel a little lost in this area. Don’t despair, you are in good hands with Prudential Real Estate. Our affiliations with both the finance and legal sectors of the industry are bursting with enthusiasm and energy to get you the best possible deal.
Armed with that figure you can then go forth into the market and start your search.
As a first home buyer you will be tempted and side tracked by many properties but it is important to stick to your plan and unearth the jewel in the crown – or rough as the case may be!
Buying with your Head
If you are launching yourself into the investment market then you will definitely want to be buying this property with your head.
You will ask yourself several questions:-
Will this property attract a good return?
Is it presentable enough to attract a reliable tenant?
Does it tick all the boxes in relation to size, storage, location, amenities and improvements?
Your answers to these two questions will trigger other questions such as:
What can I do to enhance this property and its return?
Is it within my means?
How much can I do myself?
Buying from the Heart and Soul
If you are planning on purchasing your first home to live in you will be selecting from the head on many levels, but ultimately you will be choosing from the heart and soul.
As this home will be yours you can get a little picky about what you do and don’t want.
Not that tenants don’t get selective as well – but you have an opportunity to really dig deep and find the place that offers you comfort and protection.
Does it make your heart sing? Do you feel yourself relaxing as soon as you walk in?
Don’t forget, just because you are buying it for you does not mean that it will not have an equally worthy chance at good capital growth.
This means it will grow in value and give you a great return, if and when you are ready to leave it and move on.