How to know if you are ready to buy a property.
Buying a property is one of the biggest financial decisions that you will make in this lifetime; but how do you know if you are ready to buy a property?
Take a look at these 3 questions to help you decide if you are ready to make this decision to buy a property :
- Do you have the finances?
2. Do you have a deposit and transfer fees?
3. Are you ready to settle down?
Do you have the finances?
Apart from the monthly bond repayment on the property there is other costs factors that play a role in owning a property such as home owners cover, property maintenance, rates and taxes, etc. Do you have sufficient finances to sustain your current expenses and the additional expenses that comes with ownership of the property?
Do you have a deposit and transfer cost?
Do you have a deposit or will you apply for a 100% property loan? If you do have a deposit is means that you will require a smaller property loan which in return means a lower monthly installment.
Have you considered the transfer cost of buying a property? Do you have savings that you can use for this or would you require an additional loan for the transfer cost; this could affect your affordability.
Are you ready to settle down?
Buying a property is a 10 year minimum commitment, So when thinking of buying a property you have to consider the next 10 years. For example are you looking at buying a 1 bedroom flat but you are thinking of having a family soon, is this the town where you want to live?, etc. Essentially you have to be sure that this is really what you what as buying a property is long term investment.
Should you decide that you are ready to buy a property, please don't hesitate to contact us.
