How can I be sure I’m ready to buy?
How do you know when the time is right to purchase a property?
You can be certain you’re properly prepared when you’ve covered these bases:
- You’ve saved your deposit, consulted a mortgage broker or financial planner and made sure you can afford the monthly repayments on your proposed property loan.
- You’ve prepared yourself mentally, meaning you’re prepared to move on from being a renter and sacrifice the flexibility, or you’re ready to invest in property and accept the responsibilities and concerns of becoming a landlord
- You’ve properly considered where you can afford to buy and the standard of property your budget will stretch to
- You’ve done the footwork in the suburb/s you want to buy in and feel confident you understand fair property values
- You’ve considered whether it would be wise to obtain income protection insurance, in the context of your personal and family obligations
- You’re happy that the real estate market conditions are right for you and that you’re not buying because you feel compelled by others
- You’ve considered renting versus buying and weighed the benefits and downsides carefully
- You’ve received legal advice (or at least had a Conveyancer inspect the contract of sale) and you’ve carried out a building and pest inspection that is to your satisfaction
- You’re prepared to accept your obligations as a good neighbour i.e. contribute your share to maintenance in a strata plan or share costs of replacing fences and pruning gardens with houses