How to Increase Your Chances of Becoming a Homeowner

Hands over a small house model conceptBecause of the high costs of houses, many Australians have a hard time buying a property. In some of these neighbourhoods, homes fetch as much as a million dollars, making them out of reach for the average citizen. With so many affordable master-planned estates around Craigieburn, Victoria, your dream of becoming a homeowner is within reach. However, you need to take a few measures to ensure that you get the best homeowning experience.

Get the Money Factor Right

The worst possible thing that you can do is to make a foray into the property scene when your finances are in disarray. Recent reports indicate that over a million homeowners in Australia struggle to make their mortgage payment every month. You need to be sure that your finances can handle the extra fees that come with buying a property.

Experts recommend that you don’t spend more than a third of your income on a mortgage. Going past this limit makes you house poor, a situation where your mortgage payments make it impossible to pay your other bills.

Buy an Off-Plan Property

If you are keen to save some money when buying a property, it helps to be the first to buy in a new planned development. Buying off plan refers to putting money down on for a home unit that is still under construction. Developers often put such units on the market, only needing you to commit to a ten per cent deposit.

Since they are still under construction, such units carry a low asking price. Putting down a deposit locks in the price, saving you a tidy bundle when the cost of the completed unit increases. It also gives you adequate time to raise the necessary down payment.

The high cost of houses in Australia is unlikely to go down soon. Therefore, you need to pull all stops to ensure that you achieve your dream of buying a home.