Real Estate

Make sure you can afford your deposit

IF buying a home is on your list of New Year’s resolutions, then the most important first step is to save.

Todd Owsnett from Chambers Fleming Professionals Padstow suggests you sit down and take an honest look at your spending and find things to cut back on – could you spend less on food or shop at cheaper places?
“Cutting out a few luxuries might help you reach your financial goals sooner so that you can afford a home loan deposit,” he said.
Do you want to buy an investment property?
“For those looking to grow their property portfolio, it’s probably a good idea to get a property valuation done and to assess how much equity you hold. You should be able to use the equity you already have towards buying another property,” Todd said.
Do you want to sell up and move?
“Whether you’re upsizing, downsizing or you just feel like moving somewhere new, the first step in selling your home is to have a chat to your local real estate agent who will give you advice and help walk you through the selling process,” he said.
“Even if you’re not sure if you’re ready to sell quite yet, it’s always a good idea to arm yourself with knowledge and to find out how much your home is worth so that you can get an idea of what other homes you might be able to afford to buy.”
For more information, call 9771 4555.