What are the key things I need to consider when buying or upgrading my home?
Our home is often our largest and most important asset. With the historic increases in house prices in Australia, buying or upgrading a home has been challenging as saving a large enough deposit is tough. Also there is a lot of complexity and jargon around buying a house that can be confusing. It isn’t an impossible dream however and can be
achieved if you implement the basics of financial fitness and understand the basics of the house buying process.
When buying or upgrading, here are some key things to consider:
- Understand how much you need to save and ideas on how to maximise savings – Most people know that they need to save a deposit, but how much is enough? We will help you understand how much you need to save including for expenses and taxes besides the purchase price of the house . We also provide tips
on how to maximise savings
- Understand how home loans work – There are many types of home loans with different terms, conditions and fees. Gain some practical advice on how to choose the home loan that is right for your circumstances.
- Protect your home, contents and ability to pay your home loan – Given its value it is important to protect your home and contents with insurance, but have you also thought about ensuring that you have also protected your ability to continue to service the mortgage?
- Update your key financial documents – e.g. your estate plan and any insurances