If you're planning to make the leap into the Wollongong property market this year, there are a number of things you need to consider.
Here are three important points that are worth thinking about before you take the real estate plunge.
Setting out your budget
When you're buying your first home, a common pitfall is to stop budgeting once you have accounted for the cost of the house. Instead, you'll want to make sure you also include taxes, fees and costs – from inspection charges to solicitors' fees and other expenses.
In some cases, you might also qualify for exemptions or grants on certain fees – such as stamp duty, if you meet the relevant criteria set out by the NSW government.
You'll also want to take into account how much you have saved for your deposit and the type of mortgage you are interested in taking out. These factors will affect your repayments – a major commitment – so it is important to get them correct.
Choosing your location
When it comes to buying your first home, location is everything.
Location is largely a personal choice depending on your lifestyle, age and the size of your household. You may want to consider your proximity to local schools and parks if you have children, or think about how long it will take to get to work from your new home. Will you need access to public transportation? Do you need space for a car? These are all essential considerations you'll want to consider early on.
Ask for assistance when you need it
It can be daunting to start the process of buying a new home, which is why it's important to get help when you need it.
MMJ Real Estate is an experienced local agency with decades of experience in the Wollongong market, and you can rest assured that we will support you through every stage of the purchase process.
Contact our team to find out more about how we can help you.