Buying a house is no walk in the park. There’s a lot that goes into this, and everyone can agree, it can be pretty stressful sometimes. This is why you should be prepared before you make a decision to buy property.
Here are four things you should do before taking the plunge:
Compute Your Finances
The financial aspect is the most important part of buying property in Australia. This determines if you can afford a house at all, and if you can, how much you can afford. Remember that there are other finances to consider whilst you are paying for a property. Your other expenses hardly take a pause while you’re tackling a mortgage so there should be enough wiggle room for all of them in your budget.
Know the Australian Real Estate Market
Each real estate market is different, and some research is needed before you can confidently buy a property. Know the average prices and appreciation rates of properties in Australia, then be more specific to the neighborhood you are eyeing. If you are set on buying a house in one particular region, you will have to do more research on that.
Consider Different Mortgage Situations
As an expat, your mortgage options might be limited due to the strict property buying rules in Oz, but this does not mean you have to settle for the first available. Know your options and weigh the pros and cons, from a higher downpayment to the type of interest rate that would go with your property.
Decide on Who’s Included in the Title
For married couples, you might pay a different amount depending on who is buying the property. For a 50-50 ownership between an Australian expat and a foreigner, there might be additional expenses involved. Foreign ownership costs might be waived if the Australian partner will be the principal owner of the property, with their name on the title.
Once all that’s done, it’s time for the unofficial fifth step: Imagine yourself in your home. Having a place to call yours is worth all the effort.
For more information,visit: Odin Mortgage