Entering the real estate market for the first time can be a daunting process. It’s hard to know when it’s right to take the plunge and whether your lifestyle and finances are suited to home ownership.
Stories in the media generally don’t help buyer’s opinions either, but the truth is, no matter what you hear or what end of the cycle a property is in, it can always be a good time to buy a house if you do your research and invest wisely.
So why are you waiting to buy a home?
“My deposit isn’t big enough” – This is the biggest issue for a lot of first time buyers and saving up thousands of dollars obviously isn’t that easy to do, but you have to start somewhere. Try putting away even a small amount each week if you can, and give yourself a financial goal you can stick to. A lot of people overestimate how much money is required for the kind of property they’re after, so you may not even have to save as much as you first thought.
Talk to mortgage brokers and financial institutions to get an idea of how much you would need to save to borrow your ideal amount.
“I’ll never be able to save for the house I want” – The truth about many of our first homes is that they aren’t the dream home we always imagined. Most people’s first homes end up being a downgrade from what they can afford to rent so you may feel a little put off. The reality is that most people can’t afford the perfect home first time around, but the sooner you get into the property market the sooner you will be able to trade up to a bigger or better property.
“I don’t think I can commit to a long-term mortgage” – When people read their mortgage terms and realise it will take them 20-30 years to pay off their home loan; they naturally get a little scared. But don’t let these numbers scare you because you might not end up owning the home for that long anyway.
Most people sell or upgrade their homes before they finish paying them off, and others try to pay extra money towards their mortgage to pay their loan off quicker.
If you think you are ready to get into the Bendigo property market, then visit us at Professionals Bendigo Real Estate and we’ll be happy to answer any of your questions.