Turn your first time buyer dreams into a reality with these steps.
Whether you are looking to buy your first condominium in Jakarta or a Balinese Villa on your favourite Indonesian island, saving up for your property purchase can be a daunting task. Property is increasingly being perceived as a safe investment asset, plus it provides somewhere for you to live as well. If you are looking to reach the first wrung of the property ladder then follow this simple guide.
1. Get saving.
The first thing you will need is a deposit. The bigger the better, and it will make you more attractive to the bank too. As a first time buyer it is important to have a decent sized deposit as this lower your monthly mortgage amount too. Survey the market to see what lenders will offer you but aiming for a 20 percent deposit is a good milestone. Remember if you are looking for a property that requires work then you will need an extra pot of cash to do any urgent works once the sale has gone through.
2. Make a spreadsheet.
You don’t need to be an accountant to get number crunching. Forecasting any costs that you may incur once you have purchased a property will give the opportunity to review how much you can afford to have as outgoings each month. Set yourself a contingency fund will give you some breathing space should any unplanned costs arise such as home improvements caused by a leak or bad weather.
3. Speak to the experts.
It is important to think with a level head and not get swept up in the moment. The best way to do this is to speak with experts in the field including estate agents and mortgage brokers. By gathering information you will be in a good position to make an informed decision on your investment, and they will also be able to advise you of how any changes in the market could affect you.
4. Think ahead to the future.
In order to safeguard your future you need a property that can last as long as possible. This is the reason why many people aim as high as they can for their first purchase. If you are planning for your family to grown, then buying a one bedroom unit is probably not ideal. For some first time buyers this is not possible so if this is the case then seek an ideal starter home instead. A property that requires minimal expenditure to run to enable you to save any extra disposable income for your move to your next property as you climb up the ladder.
