Making the transition from renter to home owner is a major financial and emotional decision to make, but that can signal the start of a new chapter in your property journey. If you are a first-time home buyer looking to enter the Port Douglas property market, then there are some important things to know before you dive in.
At Property Shop Port Douglas & Mossman, we specialise in helping people get the most from the exciting property market in this beautiful part of the world. Whether you are a renter in Port Douglas, or have moved from a rental property elsewhere, there is a lot to know about buying a home in this region. Here are some tips for making the transition from renter to home owner in the Douglas Shire.
Plan for Success
As the saying goes: if you fail to plan, then you plan to fail. Budgeting is an essential part of your planning when you are thinking of purchasing a Port Douglas house for sale. If you aren’t disciplined with your money and ensure that you have the funding to cover your deposit and ongoing mortgage payments, then it’s unlikely the sales agent will take you up on your offer.
As a renter, you would have already had experience covering incremental costs such as rent, power bills, water bills, and some repair work. However, as a home owner, your financial responsibilities extend to all aspects of maintenance, upkeep, and any emergency repairs required for your property.
Most people need to secure a home loan from a lender such as a bank before they can make an offer. The lender will have to determine your financial security before they agree to finance you, meaning you will need to have your accounts in order by the time you seek the money needed to buy a home.
Explore All Your Options
We understand that you will likely have a strict price range which you are looking to buy into, which will probably restrict you to certain areas within the Douglas Shire. However, we highly recommend you explore the full range of houses for sale in Port Douglas before you decide to make an offer.
Even if you have a dream home in mind, you should still expand your horizons to see what else is on offer in the market. There may be another property that has passed your attention but ends up ticking all the right boxes. Likewise, the house that you initially had your eyes set on may actually lack some important features for you if you don’t give it a proper inspection before you make an offer.
Whatever you decide on, it is important that you take your time and ensure that you are thorough in your decision making process. It is likely that this is the largest financial decision you have made up until this point in your life, so you want to make sure you are giving it the time and attention it deserves.
Your dream Port Douglas property is surely out there. It may just need a bit of searching to uncover.
Contact Property Shop Port Douglas & Mossman
If you are thinking of making the transition from renter to home owner and buying a property in Port Douglas, then look no further than the team of experienced local real estate experts at Property Shop Port Douglas & Mossman. To begin your property journey with us, contact our friendly team today.