Important advice for first home buyers
“Hello and welcome back to Berman Buys, daily buying tips from Dean Berman.
Today I’m going to talk about some important advice for first home buyers.
Buying a property can be really scary, in fact many people regard this process as being one of the biggest decisions they will ever have to make in their lives.
I can understand this as it’s a lot of money we’re talking about!
It’s not everyday you get to spend 10-20 years of income on one item!
As much money as it is and as much as you want to get it 100% correct, I can assure you, there never will be a perfect property.
The best you can do is get near to perfection, but you will never get perfection.
There is no such thing.
My advice to all you first home buyers is to:
1. Understand your borrowing capacity.
2. Understand how much you can realistically afford to spend per year on mortgage repayments.
3. Work out for yourself and or with your partner if you are ready to purchase.
4. Understand why you want to purchase i.e. to live in or to make money by investing.
5. Understand your buying timeframe i.e. how quickly you want to buy a property.
6. Understand the areas which meet your goals the most, whether locally or interstate (particularly for investors).
7. If your living in the property understand how the property will relate to your lifestyle and potential future lifestyle.
8. If you are an investor further analyse things like vacancy rates, population demographics, incomes, infrastructure, amenities, demand and supply, public transport, flooding, leisure activities, employment etc…
It’s very easy to overanalyse your first purchase and then a few years down the track you look back and say what if.
If the purchase makes sense to your requirements, you don’t need to fear as you know it’s the logical and right thing to do.
Go for it!”