Building your home in your 30's
First off, let us congratulate you, you’re thirty-something and have made it through your twenties! Hopefully you’ve got an established career and you’re making enough money to look at buying your first home.
If you’re sick of renting or living with your folks then let’s get down to business. 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 or have a very generous family member (if so can we please have their number?) 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 to 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 like internet, insurance and home phones.
Plan a budget around these things and also allocate yourself a bit of a rainy day fund for when unexpected bills like land rates come in.
Find the right house for you
When looking for a house keep in mind that you’re going to likely 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 things like pets, kids and hobbies to make sure the house you build is going to suit your lifestyle for years to come.
Posted by First Home Buyers Direct on 17 July 2017 | 0 comments
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