What are your top three tips for getting your finances sorted in preparation for buying a house?

Aug 26, 2022, 12:32 PM
Title : What are your top three tips for getting your finances sorted in preparation for buying a house?
  1. I always recommend first home buyers start depositing the approximate amount of the proposed mortgage repayments plus other expenses into a savings account. This will help you manage your budget and achieve the five per cent genuine savings deposit that is generally required when purchasing your first home.
  2. Do your homework on the type of purchase scenario to best suit your situation. Each purchase scenario comes with its own set of pros and cons.
  3. If you know the area you want to live in, a good idea is to rent a home there first to understand the cost of living and associated expenses of the area as it can differ place to place depending on local rates and travel costs to and from work/schools. Importantly, it provides you with good insight into the location before locking yourself into an area that may not suit you in the long-term.
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