Buying your first home is a simple thought, a great idea. Understanding how is another thing altogether.
The 7 steps are:
- What’s it all about?
- Saving a deposit.
- What can I afford to buy and where can I afford to buy?
- The process of buying a home
- Loans and grants
- Legal stuff
- What happens after I move in?
You may also want ask yourself the following questions to make sure this is what you want to do.
| 1. Can I make the commitment to pay off a loan over a long period of time? | Yes/ No |
| 2. Does it fit in with my Life Plan and Goals? | Yes/ No |
| 3. Can I afford the loan repayments? | Yes/ No |
| 4. Do I want to stay in one place for a reasonable length of time? | Yes/ No |
| 5. Will my income be stable enough to cover the payments? | Yes/ No |
| 6. Is living at home with my parents just too good? | Yes/ No |
| 7. Should I live in it, or buy it as an investment? | Yes/ No |
| 8. Does it represent a good investment decision and the best use of my money? | Yes/ No |
| 9. Will I be happy living where I can afford to buy? | Yes/ No |
| 10. Can I save up enough money or get help from my parents? | Yes/ No |
| Total Number of YES'S… | |
| Number of NO'S… |
Hopefully these ten questions will help you decide whether to proceed further or not.