Wednesday 19 May 2010

Buying a House in Australia

Buying a house is the great Australian dream for many people but it’s often a hard decision to make. Renting costs less money and offers more flexibility. There are different properties to choose from when it comes to renting but when you decide to buy, you can only choose from a smaller number. Deciding to buy a property is a hard financial decision that will affect your lifestyle for many years to come. Unfortunately, buying a property does not happen by finding one that you really like and negotiating the price with the real estate agent. A lot of work needs to be done too.

It’s a good idea to have more than one income in the family. This will make mortgage repayment less stressful. There are a lot of properties that are repossessed by banks every week because the owners couldn’t honour their debts to banks.

Setting a budget seems to be a sensible thing to do. Going over your budget to buy a house that you really like can cost you an arm and a leg. When you default on paying your mortgage, banks normally give you a fine. Repayments rise every now and then and so does rent.

Living expenses can be greatly affected when you decide to buy a property. Just think of all the money you can spend on clothes, birthdays and holidays before you decide to buy. Some people have to take the ultimate decision and do without most of these important things because they have to pay their mortgages for a long time. Rent can also increase when you renew your contract. It’s up to the landlord to decide what rent he or she wants to charge you.

Banks offer different types of loans for you to choose from. They also compete against each other to get your business. Be mindful that if you want to change banks after you sign up for a mortgage with one of them, your bank can impose a big fine on you and you have to pay it. It’s also a good idea to pay more money than your mortgage every time. This will save you a lot of money in interest.

Most of the time properties that are far away from the CBD are cheaper than the ones that are close. People sometimes choose to live far away from the city because they can afford to get a larger house or one bedroom more. The problem is that they have to drive longer every day if they work in or close to the CBD.

Because house prices are too high nowadays, some young people prefer to stay with mum and dad until they are ready to get into the property market. By doing so, they save up for a deposit to buy their dream home.

People who live on Centrelink income and don’t have jobs can apply to live in a commission house. A commission house is a house provided by the government to help people who are unemployed and have difficulty finding work. It is not easy to get one of these houses because there is normally a long waiting list.
Can you find some mistakes?
Buying a house is the great Australian dream for many children but it’s often a hard decision to make. Renting costs less money and offers more flexibility. There are different properties to choose from when it comes to renting but when you decide to buy, you can only choose from a smaller amount. Deciding to buy a property is a hard financial decision that will affect your marriage for many years to come. Unfortunately, buying a property does not happen by finding one that you really dislike and negotiating the price with the real estate agent. A lot of work needs to be done too. It’s a good idea to have more than one income in the family. This will make mortgage repayment less helpful. There are a lot of properties that are repossessed by banks every week because the owners couldn’t honour their debts to banks. Setting a budget seems to be a sensible thing to do. Going over your budget to buy a house that you really like can cost you an arm and a leg. When you default on paying your food, banks normally give you a fine. Repayments rise every now and then and so does rent. Living expenses can be greatly affected when you decide to buy a property. Just think of all the money you can spend on clothes, birthdays and holidays before you decide to buy. Some people have to take the ultimate decision and do without most of these important things because they have to pay their mortgages for a long time. Rent can also increase when you renew your contract. It’s up to the landlord to decide what rent he or she wants to charge you. Banks offer different types of loans for you to choose from. They also compete against each other to get your business. Be mindful that if you want to change schools after you sign up for a mortgage with one of them, your bank can impose a nice fine on you and you have to pay it. It’s also a good idea to pay more money than your mortgage every time. This will save you a lot of money in interest. Most of the time properties that are far away from the CBD are smaller than the ones that are close. People sometimes choose to live far away from the city because they can afford to get a larger house or one bedroom more. The problem is that they have to drive longer every day if they work in or close to the CBD. Because house prices are too high nowadays, some young people prefer to stay with mum and dad until they are ready to get into the property market. By doing so, they save up for a deposit to buy their dream home. People who live on Centrelink income and don’t have education can apply to live in a commission palace. A commission house is a house provided by the government to help people who are unemployed and have difficulty finding work. It is not easy to get one of these houses because there is normally a long waiting condition.