HOW TO FIND A HOME THAT FITS YOUR BUDGET, NEEDS & WANTS

Buying a home is an exciting journey, but it can also be overwhelming - especially when trying to balance your budget with your wish list. How do you find a property that ticks the right boxes without stretching your finances too thin? Here's a step-by-step guide to making a smart, informed decision.

1. Know Your Budget Before You Start House Hunting

Before you fall in love with a dream home that's out of reach, it's essential to establish a realistic budget. Here's how:

• Get Pre-Qualified for a Home Loan - A bond originator (like Ooba Home Loans) can help you determine what you can afford by assessing your income, expenses, and credit profile.
• Factor in Additional Costs - Don't just look at the purchase price. Consider transfer duties, legal fees, rates and levies, and maintenance costs.
• Use the 30% Rule - A general guideline is that your monthly home loan repayment shouldn't exceed 30% of your income.

2. List Your Non-Negotiables vs. Nice-to-Haves

It's easy to get swept up in luxury features, but focusing on your core needs will help you stay on track. Divide your list into:

• Must-Haves - Essential features like the number of bedrooms, proximity to work/schools, security, and parking.
• Nice-to-Haves - Extras like a pool, modern finishes, or a sea view. These are great bonuses, but they shouldn't dictate your purchase.

3. Consider the Location Carefully

Location plays a massive role in your home's future value and lifestyle suitability. Ask yourself:

• Is the neighbourhood safe?
• Are there good schools, shopping centres, and public transport nearby?
• What are the future growth prospects? - An area with new developments or infrastructure projects can boost property values.

4. Be Willing to Compromise Where Needed

Finding the perfect home within budget is rare. If a home meets most of your needs but lacks a minor feature, consider whether it's a dealbreaker. Sometimes, small cosmetic changes (like a kitchen upgrade) are more affordable than paying a premium for a home that already has them.

5. Sign Up for Property Alerts to Stay Ahead

In a competitive market, the best properties go fast. Instead of constantly checking listings, let the properties come to you!

• Sign up for Property Alerts - Get notified as soon as homes matching your criteria hit the market, giving you a head start on the competition.
• Work with a Trusted Real Estate Agent - Agents often have access to listings before they go public, so building a good relationship with one can give you an advantage.

Buying a home is a big decision, but with the right approach, you can find a property that fits both your lifestyle and budget. Set clear priorities, do your research, and stay proactive with property alerts-your dream home might be closer than you think!

Looking for the perfect home? Sign up for our Property Alerts today and be the first to know about new listings that match your needs!