Buying a house and land in Australia can seem like an expensive affair, but if you know where to look and what to look out for, it can be both affordable and easy to manage on your own. Here are some tips to help you save when buying house and land in Australia so you can get the home of your dreams without breaking the bank.
Have a realistic budget
A realistic budget is important when purchasing a home. Having a fixed amount of money that you know you can comfortably spend on your house and land purchase will help you find the right property for your needs. Plus, having a budget will help prevent overspending on your new home or land which could cause future financial problems.
First, figure out how much money you have saved up for your house purchase. If you don’t have any savings yet, start saving now by putting away as much as possible each month into an emergency fund or retirement account. Once you have enough saved up, take the amount from step one and subtract it from the maximum price range of properties that interest you.
Don’t be afraid to negotiate
You should be able to negotiate a better deal on the land and house price with Hotondo – House and Land Packages in Australia. If you can’t get them down by 5%, then go for it! It’s possible they just need a little more time, but with their business model, it may not be feasible for them. They might let you put down less than 20%. You can also arrange payments over a long period of time if needed. There are lots of people who have trouble saving up enough money to buy a home right away.
Get a loan that suits your needs
There are many things to consider when deciding on a loan, but there is no need for them all. Decide what you want the loan for. Is it a home loan, car loan, or personal loan? Does the time frame matter? Do you need a lump sum of money or a more affordable repayment plan? Are you looking for something with low interest rates? These are just some of the questions that can help narrow down your search and find you the best possible deal. Once you’ve answered these questions, you should be able to compare lenders and see who offers the most suitable options for your needs.
Be prepared for maintenance and repairs
Before you buy, make sure you are prepared for any maintenance or repairs that might need to be done on the property. You will want to have extra money set aside for these type of events.
For example, if the roof needs to be replaced, this can cost anywhere from $5,000-$10,000. In order to avoid these types of expenses as much as possible it is important that you do your due diligence before making a purchase.