Before you can really sink your teeth in and start looking for the home of your dreams, you have to organise your budget.
How much money can you put towards paying off a mortgage? How can you save or make more money in the first place? If you have pre-existing debt, how might you go about tackling it? What kind of mortgage is going to be right for you?
Before you make the biggest purchase of your life, you need to have a firm grasp on your own answer to this question. Do you want a modern sanctuary, or a renovators delight? Will this home be your only home, or will it be the first of many? How exactly does this purchase fit into the bigger picture of your life?
This is where all the magic is. This is WHY you're going to put so much energy into organising your finances, learning about mortgages and working with real estate agents. When all is said and done, your home is the reward you get for years of dedication.
This decision is so personal it's hard to give one-size-fits-all advice, but our biggest suggestion is that you keep your standards sky high.
Don't get emotionally attached to a home before you've done the necessary checks—be sure that it's to your personal liking and financially viable.
4. Be prepared for “buyer's remorse”
On your first night in your new home, you might feel a little underwhelmed. Many people report noticing lots of negative things they never noticed before about their home during their first night.
This is perfectly normal. A new location can't truly feel like “home” until some time has passed and the place has become familiar to you.
Hopefully now, if you experience this, you'll be able to tell yourself the truth: That it's perfectly natural to feel this way and that the feeling won't last.
5. Consider the costs of maintenance
A home is like a child—it’s one of the most rewarding things you can bring into your life, but it also needs maintenance and attention to thrive.
Be sure to factor the cost of maintaining your home into your budget. It might do wonders to ask a home owner you already know about maintenance costs. We're willing to bet they'll tell you a few things you never thought about before.
But if you don't actually know any home owners, you can always speak to one of our home lending specialists for advice.