From the outside, the process of finding and buying your first home involves vast amounts of time, money and paperwork. If you break it down into seven simple stages, however, it is not as daunting as it initially seems. Here are seven simple steps you can follow:
1. Work out your budget
Unless you have significant savings, chances are you are going to have to take out a mortgage to pay for your first home. In the current mortgage market, you will require a deposit of at least 5% of a property’s value to secure a mortgage from a lender. This means that if you want to buy a $250,000 property, you will need to put down a deposit of at least $12,500.