Getting your first mortgage can be a scary experience. Unlike renting, buying a home is a more permanent and usually more expensive way of finding a place to live. But buying a house or condominium can also be a great investment, and is the best way to get a home that is uniquely suited to your needs. To get the most house for your money without breaking the bank, consider the following suggestions about how to go about looking for and financing your first home:
1. Know what you can afford, and stick to it. Before you begin looking at available homes, make sure you know your budget and what kind of mortgage payment you can afford to pay each month. Talk to several banks to find out how big of a loan you qualify for and the types of financing available. When you are deciding on your budget, remember, it is always a good idea to spend less than the maximum amount a bank will actually lend you.
2. Plan for your down payment. It is very rare to obtain financing for 100% of a home's cost, so you will need to provide some percentage of the purchase price as your down payment. If you are even thinking about buying a home in the future, now is a good time to start putting money away so that you have enough for a down payment when the time comes.
3. Take advantage of Australia's First Home Owner's Grant program. First-time home buyers may be eligible for a grant of $7,000 - tax free. There are certain eligibility requirements, such as that you must be an Australian citizen or permanent resident and must intend to move into your home within 12 months and live there for at least six months after that. There is also a cap on the amount of money you can pay for your first home and still receive the grant, depending on where you buy.
4. Remember: location, location location. There is a good reason that homes in desirable areas tend to be more expensive. A smaller or older home in a great area is almost always a better investment ทาวน์เฮ้าส์มือสอง ราคาถูก than one that is going to be harder to resell later because of its location. You can always improve a home's interior space, but it is almost impossible to fix a bad location. Be especially wary of homes near loud roadways or railroad tracks.
5. Understand the hidden costs. The price of buying a home includes more than just the mortgage amount. When you are deciding your budget, do not forget to include expenses such as closing costs, any immediate repairs or renovations you will need to make, furniture, deposits to get your utilities hooked up and the cost of moving.
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