05 May Top 3 tips to financing your new property
Knowledge is power, and when it comes to financing your new home or investment property, it pays to take your time and be well informed.
1. Do a financial health check: This is an in-depth analysis of your finances to determine if you can actually afford to buy.
• What is your income, savings and the value of any assets?
• Should you sell your assets to purchase the home?
• What are your debts and expenses?
• What is your future income and expenses? Consider potential lifestyle changes such as having children, as well as the ongoing expenses of the new property.
2. Get professional help, There are a range of professional services available to help you when you decide to purchase a property. You should always shop around before you engage someone as fees and the quality of service can vary substantially.
Key property professionals include:
• Mortgage broker
• Buyer agent
• Solicitor or conveyancer
3. Set a budget: Home buyer budgets are typically split into two categories – upfront costs and ongoing costs. Go through all costs carefully to get them correct – not to do so puts you at risk of defaulting on your loan repayments and being in serious financial trouble.
Upfront costs include:
• Stamp duty
• Legal and conveyancing fees
• Mortgage and lender fees
• Building inspection fees
• Valuation fees
• Buyer agent fees
• Moving fees
Ongoing costs include:
• Interest and loan repayments
• Council rates or strata rates or both
• Potential increases to interest rates
Call the office and we would be pleased to book you in for a chat to discuss your finance options.
The Team at Pendo Finance
a: 43 James Street, Northcote VIC 3070
a: Level 1 530 Little Collins Street, Melbourne VIC 3000
*Disclaimer: This blog is generic in nature. All financial and investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of financial or investment action. This is not deemed as advice.