24 Stirling Street, Bunbury
Western Australia 6230
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So you’ve decided to make the jump from renter to proud home owner. But instead of feeling excited, you’re coming up with a lot of unsettling questions. What if I buy the wrong place? What if I get in over my head? Who can I trust to help me with such a big decision?
The good news is, a little bit of planning for home ownership now will go a long way towards keeping you out of trouble later on. The first question to ask yourself isn’t what you should do, but why you want to do it.
What is it that’s motivating you to buy your own place? Is it the freedom of being able to paint the walls and landscape the garden? Or are you just keen to jump in to the property market now with the hope of making a profit somewhere down the line? Understanding your motivations will go a long way towards helping you choose a property that’s right for you.
Next comes a time-consuming yet crucial part of the process: research. Finding out as much as you can about potential neighbourhoods – from the distance to the nearest supermarket, to the climate, to the quality of the local schools – can save huge amounts of heartache later on. Visiting these places in person, along with online research, is always advisable.
Of course, while you’re doing you research, you can’t forget to factor in financing. Make an appointment with your bank to find out exactly what costs will be involved and how much you need to save before you get started. Try to stay realistic, factoring in all your day-to-day expenses and monthly bills when calculating how much you can afford to repay. It can be tempting to convince yourself that you really pay off that renovated four-bedroom place by the beach, but the bank statements will have a different story to tell.
Once you’ve narrowed down your search to the areas you want in the price ranges you can afford, it’s time to start your search in earnest. The Internet is the most popular place to start, but don’t forget to talk to real estate agents in the area, who might just have the inside scoop.