Building your home in your 30's
First off, let us congratulate you! You’re thirty-something and have made it through your twenties, and hopefully you’ve got an established career that’s making you enough money to consider buying your first home.
If you’re sick of renting or living with your folks, then let’s get down to the business of finances. Here are our top tips for anyone taking the plunge and building their first home in their 30’s.
Become a Mortgage Expert
Buying a house = a mortgage, unless you’ve saved a ton of money, won the Lotto or have a very generous family member (if so, can we please have their number?). If not, then you’re going to need to get a mortgage.
Before walking into your bank and saying ‘I’ll have one mortgage please’, you need to have a look around at your options. Consider the different interest rates and loan terms, speak to a few different banks and see what they can offer you.
Don’t blow your budget.
If you are approved for a $700,000 loan and the house you love is only $550,000, don’t go spend the difference on a new car and furniture. Be conservative. You need to give yourself a financial cushion so you’re able to live a happy and comfortable lifestyle.
Organise your house financials
Investigate the potential costs involved in your new- found home ownership. Ask your friends and family for estimates on their utility bills, have a look online for costs of things such as Internet, insurance and home phones.
Plan a budget around these things and allocate yourself a rainy day fund for when unexpected bills such as land rates come in.
Find the right house for you
When looking for a house, keep in mind that it’s more than likely you’re going to be in it for a while. What will you be doing in five or ten years from now that you should cater for in this home? Think of factors such as pets, kids and hobbies to make sure the house you build is going to suit your lifestyle for years to come.
Ready to build your first home? Contact us today for more information.
Posted by First Home Buyers Direct on 17 July 2017 | 0 comments
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