5 Top tips for buying property alone
There are many single people out there taking the plunge and deciding to purchase a property on their own. It might be a daunting process, but it is actually a smart investment move if done correctly.
If you are flying solo and looking to buy property, here are 5 top tips to buying property on your own.
1. Keep to your budget Buying a property is likely to be one of the largest purchases you will make and makes a great long-term investment. However, the first thing you need to remember is to work out your affordable budget and stick to it. If you were suddenly to lose your job through illness, you need to counter in unexpected circumstances in order to still be able to cover the monthly mortgage repayments, especially as it’s just you paying the mortgage.
It is also likely that you may have a smaller budget than a couple who are joining their savings together, so you need to be smart with you money.
2. Money Smart You can be smart with your money in various ways. First you need to save up at least a 10% deposit if you are looking to purchase an off the plan apartment and creating a savings plan can help with this. You also need to factor in all the hidden costs such as insurance, fees, strata, stamp duty etc. You might decide to try to save money by purchasing a property that has low strata rates and take on the responsibility of self-managing the property yourself if looking to rent it out.
3. Be Realistic You might want to live in easy reach of the city, close to transport and amenities for $400,000. However, this might not be possible so it is important to keep an open mind and stay realistic with your expectations. It is important to research the areas that are within your budget and go from there.
4. Home or Investment? What are your goals of owning this property? Are you planning to live in it and make it your primary place of residence or are you going to turn it into an investment property and rent it out? It is important to stay emotionally detached from the purchase and use your head, especially if you are thinking about renting it out. You therefore need to buy in an area that attracts rental tenants, which is close to public transport, amenities or schools.
5. Ask for Help Don’t be afraid to ask for help. It is important to seek expert advice. iBuyNew can provide helpful information on suburbs and the best properties to buy to suit your lifestyle and budget, but you should also seek the advice from a mortgage broker to review your finances.
Remember, although it can be an overwhelming time, buying a property on your own should also be an exciting time, especially as you are in charge of making all the decisions and choose what property to buy.
If you are looking to buy a property on your own, why not contact iBuyNew to see how we can help you. Call us on 1300 123 463 or drop us an email.
Published on 4th of December 2014 by Marty Stanowich