Is owning your own home something you dream about? To be out of the rental market where you have to deal with inspections being carried out regularly and the looming chance your owner will sell and you will be on the move?
Maybe this dream can become a reality. With interest rates at an all-time low, perhaps meeting with a mortgage broker would be beneficial. They can offer advice on the best steps to take to get you into a favourable position to obtain a mortgage. Mortgage brokers will not only assess your financial position but also shop around for a mortgage that will best suit you.
There are many benefits to owning your own home. Firstly, it’s a fixed address and that provides a greater sense of security. You also don’t have to ask permission to hang a picture on the wall and can fix, change or alter anything you like. Any improvements made to your home are also likely to increase its value. It can also bring future wealth as you are investing into your own asset rather than paying ‘dead money’ in rent. First home buyers are also eligible for stamp duty concessions in some States and Territories.
It is however, important to set realistic goals and to stick to a manageable loan. You are better off in a smaller house you can call your own, than a larger and perhaps flashier rental property. Think of your first property purchase as a stepping stone to your ideal home. As your mortgage begins to decline, your property value will increase; and so will rental prices.
So don’t procrastinate! If you need to get that deposit account started, do it now. Decide where you may be able to cut back and save those extra dollars. Keep your mind focused on your goal. If you need to engage a mortgage broker, pick up the phone. There are many good mortgage brokers so make the most of their free service.
An experienced real estate agent will be able to provide you with good advice when it comes to finding a suburb that best fits your budget and needs. They have a good understanding of house prices, what various areas have to offer and the whole buying process.
There is a lot of help and advice available, so don’t be nervous. Make your dream a reality!