How to Prepare for a Home Purchase in 2022
If you are reading this article, there is a good chance that you are looking to buy your first property, next property or invest into an investment property. The next thing is to figure out how you can make this happen.
There are many ways to approach this, and in this article, we are going to focus on 3 areas of preparation
Living Requirements
You would have to ask yourself some good questions such as, how close to the city do I have to be, can I live in a suburb, do my children need to be in a good school zone, how big of a house do I need, can I rent it out to students? This exercise will help you to figure out what exactly you need to kick start your hunt for a house.
Counting Your Cost
Once you have nailed down the details of where you are planning to live, the type of property and other living requirements, you would have an indication as to how much the said property would cost you.
The total purchase cost will include any stamp duty, conveyancing, and other associated fees.
Eligibility
In the final step, you would need to make sure you quality for a home loan. This is where we come in to help you assess if your employment status or your self-employed income is acceptable from the banks’ point of view. This is where we would find out the maximum amount you can borrow and what are the supporting documents and checklist that needs to be fulfilled.
If the maximum loan amount that you are eligible for does not meet the shortfall required to complete your purchase, you may want to review your choice of location or property type to somewhere that can be more adequately funded by your financial situation.
Feel free to use this as a guide to get you started, this is just one approach and there are many more you can use. So do let us know if you are in a tight spot, our consultations are always free. There is always a solution we can help guide you through.
Justin Ong
