26 Sep 14
We believe that people who wish to enter the real estate market and have done their homework generally place themselves in a much better position than those who don’t.
Whilst the banks are keen write loans, they are not keen to just give their money away. It is wise to show that you have a proven history of being able to create savings as well as pay off debt.
All Residential Real Estate have put together a few tips to help you manage your funds and savings plan to best suit the departure from being a renter, or moving out of the folk’s house, to plunging into the home owner market.
Obviously, the banks will want to see that you are earning the cash required to cover the debt you intend to incur.
They will also want to see a record of steady savings so get working on squirreling away a little bit of cash each week to build up that initial deposit and show you are a good risk.
It is a good idea to sit down and create a workable budget that includes all the essential spending.
If you think you need more cash you can move onto the non-essentials such as entertainment, holidays and treats whether they be gourmet food or a new pair of shoes every week.
Once you have that part nutted out you will need to consider what sort of home you desire. Is it a cottage by the water? An apartment in the city? A family home on some rural land?
Now, it’s time to do some research and check out the ads in the local paper and online to see how much your dream is going to cost.
Bear in mind that you may qualify for one of two grants that are available to buyers in New South Wales.
Currently on offer in New South Wales is a $15,000 grant for first home buyers purchasing either an established home or building a new one. Be quick with this one as it will reduce to $10,000 in January 2016.
You may even qualify for the $7,000 Regional Location Grant on offer for people who are relocating from the city to rural areas for employment or buying a home.
You can find out more about what is on offer here www.firsthome.gov.au.
We hope that these tips and ideas have set you on the right path to home ownership.
Why not visit with us at http://allresidentialrealestate.com.au/ or pop in and see us sometime to discuss your dreams in more detail.