Building your very first home is nothing short of exciting! The thrill of choosing interior and exterior colours, fixtures and fittings that reflect you and your family is an invigorating experience. However, building your home isn’t an overnight decision, and requires preparation to ensure it’s a successful, seamless process. Read on to find out 4 different ways you can prepare now so that you can buy your first home in the future!
Save a Deposit
Building up a deposit for your first home is a crucial step, as it proves to future lenders that you’re a ‘good candidate’ to lend money to. It’s also good to note that the bigger your deposit is, the less you’ll need to borrow from a lender, which will help to reduce your mortgage repayments.
Have a Good Savings Habit
Having a great track record of regular savings in your bank account can potentially make it a lot easier for you to get an approved home loan in the future. So having a good savings habit is important! We recommend following a budget that incorporates all of your future expenses of owning a home such as mortgage repayments, electricity bills and maintenance costs so that you can put all of that money aside for a deposit.
Credit History Check
Prior to applying for a loan, we recommend checking your credit history. The most important thing to find is whether there are any black marks against your name. Maybe you forgot to pay a bill a few years ago, or were late on rent once or twice. No matter the reason, any black marks against your name has the potential to impact your home loan approval. To check your credit history, there are several companies that can provide you with a copy of your financial history and highlight if there are any issues that you need to improve before applying for a home loan.
Get a Pre-Approval Through A Mortgage Broker
The last step to preparing yourself to buy your first home is to call a mortgage broker and seek pre-approval. Receiving pre-approval will give you a good guide to what home designs you can actually afford, so you can steer clear of properties that are outside of your budget.
After receiving your pre-approval, it’s time to go house hunting! At Domaine Homes, we offer a large range of home designs that fit an array of lifestyles, land sizes and budgets. We keep our prices affordable so that you can move into your first home faster! Along with our lifetime structural guarantee, our great selection of pre-designed colour schemes curated by our team of experienced interior design professionals makes building with Domaine Homes faster, smarter, and easier.