Sydney property prices are given too much attention by the government
A plot of land is shown as sold in Sydney's newly-developed beachside suburb of Green Hills, February 2, 2015. The Reserve Bank of Australia (RBA), which held its first policy meeting of the year on Tuesday, announced a lowered official interest rate to 2.25%. Picture taken February 2, 2015. Reuters/Jason Reed

Buying a house can be a fun activity, but it can also present endless stress to people. During the journey of house-hunting, people often find themselves involved in little arguments stemming from the stress of finding a home. Would-be home buyers simply cannot jump off their seats and buy the dream house they want because there are things to take into consideration, not to mention the stories of house-hunting mistakes and outlying housing market crisis. However, purchasing a home doesn’t have to be a stressful experience. With proper knowledge and time, anyone can be in control during the entire journey. Here, we explain the steps before purchasing a home.

Set priorities in advance

Set appropriate and attainable goals. The first step is to take time to think through the prospective house. Then, determine the budget just as anyone would likely do for any major financial decision. These simple yet critical points can save people from buying the wrong property.

Never skip the research part

Don’t let the admiration for a dream home cause distraction and lose money on the wrong house. Research about the market. Check out the local real estate resources. Compare house prices in the area. There are free apps available for download on both Android and iOS platforms such as Homes.com apps that provide information about the exact price of the property and compare it with other available options.

Get finances in order

There is no need to earn lots of money to purchase a home, but it is important to get the finances in order. Be financially ready and arrange finances well in time. Be wary of the payment plan, terms of repayment, and interest rate. Talk to a lawyer if necessary. Taking credit blindly can prove to be extremely disastrous. Make a contingency plan for repayment to ensure that there is back up in case things take a wrong turn. A short term mortgage solution provides flexibility to prepay for the property.

Think long-term

Think long-term and be realistic. It is not a wise decision to throw a lot of money on one purchase. There always a chance of selling and upgrading to a bigger house. Make sure there is enough savings left over not only for moving but also for home improvements and miscellaneous maintenance expenses.

Choose the neighborhood

Consider the quality of the neighborhood when purchasing a home. Consider the quality of the school districts when choosing the location of the property. Other points to consider are the shopping centres and restaurants in the area. It is wise to buy a house that meets your primary needs.

Enjoy the final phase

After the exciting journey of house-hunting comes the fun part of decorating the house. Make home improvement a great experience instead of another stressful one. Take it easy and soak in the new transition to make the house move-in ready. Sit back and enjoy the new home.

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