Everybody aspires to build their dream home one day and shares the desire to make their goals a reality. From imagining the ideal layout of the rooms to the interior design details, you’ll want to have the entire place set up according to plan. There may be plenty of questions filling your mind such as, how do you know when it’s the right time to take on a new property? For this article, we’ve provided a few tips to help check if you’re ready to build your first home.
Change In Lifestyle
After plenty of travelling and waving goodbye to shared houses, you may be looking forward to welcoming a new chapter of your life. Whether you have your heart set on settling down at your very own place or wanting to start a family, it’s time for the next step of building your first home. However, with any big decision, it’s definitely important not to rush into anything and to ensure you’re absolutely certain.
Your Savings Are Sorted
Apart from embracing a change of pace, you’ll need to be able to confirm that you have enough funds saved up to meet the upcoming payments. When it comes to the deposit, aiming to reach the 20% amount could mean avoiding the cost of Lenders Mortgage Insurance. As part of getting your finances organised, taking care of any outstanding debt will need to be prioritised. To add, being well informed about any available government assistance or concessions is also extremely beneficial in the long run.
Clear Renting Record
After dealing with cramped rooms and multiple housemates, you may think it’s time to move on from renting and begin the process of building your first home. In order to stay on the right track, having a good rental and tenancy history can make a huge difference when securing a loan. By paying your rent in a timely manner, you’re able to properly set yourself up as a reliable and efficient homeowner.
You Have A Stable Job
It’s no surprise that a new house comes along with additional expenses, moving fees, utility bills and ongoing mortgage repayments. Before signing up to build your first home, establishing secure employment where you’re comfortable and have a fixed position is crucial. By having steady pay and enjoying what you do, you’re able to keep away from the stress of juggling multiple career changes and adjusting to various work environments.
You Have Done Your Research
Especially for building your first home, you’ll want to take the time to use your resources, ask questions in regards to managing income and learn more about the area where you want to live. Although there may be a lot of factors to take into consideration, you’ll be able to feel more confident when evaluating your preferences and can quickly keep on top of new responsibilities.
For more guidance on building your home and finding a property that suits you, have a chat with our New Home Advisory Team on 1800 184 284 or book a call online.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing