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There comes a time in every person’s life when they feel the urge to settle down and spread some roots. It might come at an early age, say mid-twenties, or a little later in life and very often a secure relationship is the catalyst and you want to make a commitment and pool your resources with your partner. If you have found yourself daydreaming of owning your very own home and would like some reassurances, if you can identify with any of the following, it’s probably time to get your foot on the first rung of the property ladder.
- Affordability – One needs to crunch the numbers to see if your financial status allows a house purchase. If not, then make plans and start saving and before very long, you will be a much better position. If your plans include your partner, then pool your resources and earning potential and come up with a figure that you could both afford. You will need at least 15% of the total price and if you are not quite there, keep saving until you are in a position to seek mortgage preapproval. There are articles you can find online on the signs it is time to buy your first property.
- Thinking About Property Ownership – If your thoughts frequently centre around career opportunities, this is a sign that you are looking for a more permanent lifestyle and if you are happy with your career and like the area, perhaps it is time to buy your home rather than rent. There’s little doubt that buying is preferable to renting and if that urge to travel and see the world has diminished, buying is a wise move long term.
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- In a Secure Long-Term Relationship – Meeting the right person can happen at any time and often when we are least expecting it. You will know if you are happy with your partner and if they feel the same, perhaps the time has come to think about building a future together. Once you have made a joint decision to purchase a property, check out https://www.rivercityconveyancing.com.au/, who are Brisbane’s leading conveyancing law firm and they can help you with the legality and also carry out property searches on the desired property.
- Looking For an Investment Opportunity – Should you be looking for an investment to make your money work for you, you really can’t beat real estate, especially in the Brisbane area. Many investors buy to let and providing you do your research, this can be a profitable long-term investment, even after you have paid all the taxes. Land prices never go down, it’s only a question of how much the property appreciates in value and if you buy in the right area, you can expect to see a healthy ROI in say, 5 years.
Whatever the reason, if you would like to set foot on the property ladder, crunch the numbers and if buying is feasible, you can take it to the next level by applying for mortgage preapproval. Once you have this, you can view properties and sellers will actually take you seriously as you have the resources to make the purchase.