Unless someone died and leave his/her fortune to you OR you kena big time lottery, you will be like me, save and save like mad. If you have serious intention of getting a property, start researching at least 3 months out and that is assuming you have not spent the past year in a well with no reception. If you have indeed spend time in a well with no reception, you should start by reading up the economy outlook and researching at least a year in advance.
Know thy budget and limit
General rule of thumb is 20% deposit. However you need to factor in stamp duty, lawyer/conveyancer fee and Lenders Mortgage Insurance (LMI) fee (if you are lending more than 80%). When I got my first home, I forgot all about the lawyer and stamp duty fees. Thank God family came to rescue. You also need to come to terms that your first home might not be your dream home. It could be a step to your dream home. This is Uncle's word of wisdom. Set a realistic target to your budget. As much as I want to stay 30 minutes from the city, in a 2 bedder unit house with a yard, that is not gonna happen with my budget.
Know thy market and economy outlook
Google is your friend. The 2 biggest real estate online search engine is either Domain or Real Estate. Most properties are listed in both but there are cases where it is only listed in one. If you are kiasu like me, register on both sites. If you have smart phone download the app. When you start searching it will ask you for your criteria, this is where the set target to budget come into play. In my experience of house searching, the houses in the next bracket is always more attractive. Had to stop oogling and concentrate on those that is within my budget.
Seek thy knowledge
There are literally TONS of published material on how to purchase and what to look out for when buying a property. If you are fed up googling, ask friends and family around you who had a recent purchase experience. You might also want to KIV the lawyer firm or real estate agent that they used. If you have no friends, go to housing forums and start trolling. In this time and age, there is no short of people wanting to share their experience with you, even when you don't want to hear it. I troll forums, bought property magazine, ask family members, Nite, Nite's friend and Bits. This is on top of the reading that I did in my spare time.
Form thy strategy
If you have been doing the above three consistently, chances are you will start to form a plan. I have already explained in the first entry why I have decided to go in now. Also, I am not able to borrow below 80% hence I have to figure out a way to reduce the LMI. Thank God again, family came to rescue. I really must have done something good to deserve them. Anyway, the message is form your strategy according to your what advantage/cards you have. Bounce it off a couple of friends to make sure it is not a stupid one or worse suicidal.
This is a process that takes time. Be patient...and maybe day dream a little.
Know thy budget and limit
General rule of thumb is 20% deposit. However you need to factor in stamp duty, lawyer/conveyancer fee and Lenders Mortgage Insurance (LMI) fee (if you are lending more than 80%). When I got my first home, I forgot all about the lawyer and stamp duty fees. Thank God family came to rescue. You also need to come to terms that your first home might not be your dream home. It could be a step to your dream home. This is Uncle's word of wisdom. Set a realistic target to your budget. As much as I want to stay 30 minutes from the city, in a 2 bedder unit house with a yard, that is not gonna happen with my budget.
Know thy market and economy outlook
Google is your friend. The 2 biggest real estate online search engine is either Domain or Real Estate. Most properties are listed in both but there are cases where it is only listed in one. If you are kiasu like me, register on both sites. If you have smart phone download the app. When you start searching it will ask you for your criteria, this is where the set target to budget come into play. In my experience of house searching, the houses in the next bracket is always more attractive. Had to stop oogling and concentrate on those that is within my budget.
Seek thy knowledge
There are literally TONS of published material on how to purchase and what to look out for when buying a property. If you are fed up googling, ask friends and family around you who had a recent purchase experience. You might also want to KIV the lawyer firm or real estate agent that they used. If you have no friends, go to housing forums and start trolling. In this time and age, there is no short of people wanting to share their experience with you, even when you don't want to hear it. I troll forums, bought property magazine, ask family members, Nite, Nite's friend and Bits. This is on top of the reading that I did in my spare time.
Form thy strategy
If you have been doing the above three consistently, chances are you will start to form a plan. I have already explained in the first entry why I have decided to go in now. Also, I am not able to borrow below 80% hence I have to figure out a way to reduce the LMI. Thank God again, family came to rescue. I really must have done something good to deserve them. Anyway, the message is form your strategy according to your what advantage/cards you have. Bounce it off a couple of friends to make sure it is not a stupid one or worse suicidal.
This is a process that takes time. Be patient...and maybe day dream a little.
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