All About Right Time to Buy Your First Home
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Is the time right to buy your first home? To help first-time home buyers know if they are ready to look for their dream home, Dialabank provides a ‘reality checklist’ designed to help you decide if the time is right.
How will you know if you’re ready?
If you still live at home or have rented a home for a long time, making that leap onto the property ladder takes planning, research, money, and a little faith. You must talk to a Home Loan Expert first to help you know when you are ready for this huge commitment.
Once you have done your research
One of the major mistakes a borrower makes while buying a property is not doing enough research. You should not be afraid to ask questions of bankers and real estate agents. You should ask them, ‘what else do I need to know before I buy a property?’ until you feel confident you have covered everything you need.
When you no longer want to rent or live at home
Many people are happy to keep renting, but there may come a time when they want to get off the rental roundabout and need more security, which can come from owning your home.
When you want to buy property as an investment
You might be happy to keep renting but still want to get into the property market. If you can afford to do so, it might be one way of getting into this property market and having investments in the future. You should the eligibility criteria carefully if you are eligible for a first home buyer grant. Make sure you speak to a tax specialist before buying a property because there are some tax implications you will need to consider while buying a property.
When you have the money
It seems like an obvious thing to say, but you need to be able to afford the EMIs. Different lenders look for different things when they accept your loan application. One of the things they all usually look for is a credit history to ensure whether you’ll be able to make your home loan repayments. When you have researched the property market.It needs a bit of experience to understand local property market. That’s why getting advice from the property agent and doing proper research is vital.