Things I wish I knew when I bought my first house
67The Story about buying the house
Ever since I started working when I was sixteen I wanted to buy my own house. When I obtained my first job with my Qualification - I could see that this could soon be a reality.
I used to research my home town and the housing trends by watching them on www.realestate.com.au
The line of work I was doing was in and around the housing market. I was able to see heaps of rentals.
Two years after we were married and 6 Months of my husband working a really hard job, on our time, and his awakeness. We had saved up enough of a deposit for a property around the $150,000.00 mark. Or so I thought. With this figure in mind and not wanting to pay a cent more. We started a bidding process on a house.
We did really well with the bidding process and obtained the house for the price we wanted. Even after the Real Estate Agent informed us that a bid had been put in higher than we had given.The games that are played when big money is at stake.
The learning came when the Real Estate Agent informed us that we had been successful in the bidding process and we went in to sign paperwork.
We needed a conveyancer that day. So we went to the lawyers who had dealt with my Nanna's Will. To this day I still don't know alot about Conveyancers or what I should expect, as it was an unexpected part of the process.
We had already spoken to the bank and been conditionally approved the amount we thought we needed.
We needed to pay for insurance on the house within a very short time frame from paying the deposit which even though we had more thankfully we negotiated to 5 percent.
.
Things I wish I knew about buying a house
My husbands income wasn't counted towards our mortgage as he had been working less than six months in a casual job at the time of applying for the mortgage.
In Australia each person was eligible for the first home buyers grant, we should have not put his name on the property. For sentimental reasons more than rational, I wanted his name on our house. So we voided his First Home Buyers Grant.
My Parents were Guarantors, however to our bank this meant that they actually take out a loan in their name on their property that would go towards our house. I don't think I could do anything differently here. However I was surprised by this turn of events and felt awful as I realised what this meant.
Personal Finance articles by Abbasangel
- All questions are smart questions when if comes to Car Insurance
Are you buying a new or used car? Will you have a loan? Will the car depreciate quicker than the loan? Will you use the car lots? - 5 months ago
- Want to make money? Possibly you want to make a lot of money fast.
How to bring in the money? Making money, well its illegal to print money, and some days you may think that you are desperate enough to try. Don't it's more hassle than it is worth. As it has been pointed out to me the Parker Brother's creators of... - 15 months ago
- The deal with life insurance
Life insurance is like an elephant in the room, the bills come in and money goes out. The pay check comes in and mostly it goes in one direction. The familys needs continue even when somebody is put out of action, by illness or fatality. - 15 months ago
- Is it frugal to fill the whole gas tank up every pay?
Being on a tight budget can make you question why you do certain things. Sometimes when things aren't as liquid we are forced to make certain decisions regarding how our money is spent. When living in town and mostly doing short trips, the "budget saving" area looks like fuel. Why fill up the whole gas (petrol) tank if you won't use all of it? Because there are other costs that you don't see right at this minute - 16 months ago
- Australian’s saving for retirement: Is superannuation all we need?
Superannuation is an employer contribution to the retirement of an individual, governed by legislation. Superannuation has existed in Australia for over a hundred years. However only more widely available to every employee since 1985 so some people only have 25 years worth of retirement savings. - 16 months ago
- Budget Theory to grow savings for those with minimal debts
This budget is designed to prevent living paycheck to paycheck. To be prepared for the bills as they arrive while saving and having left over money to live a little. I find I am very attached to the numbers increasing in my account. When they rapidly drop, so do my spirits. Unless I am prepared for it the loss or am receiving something of benefit, in the exchange. - 16 months ago
- Top Five Mistakes to avoid in Property Investment
1.Mistake: Buying a cheap and nasty house Solution: Buy a good house Mistake number 2: neglecting the property, not doing maintenance or repairs solution: Keep the property in good repair Mistake 3: Not knowing the rules and regulations surrounding your investment property and loosing at court Use a Real Estate agent. Mistake 4: Expecting the rent to cover all expenses and fun money too. It's not always the case that it will cover everything and you need to work it in to your budget - 16 months ago
- A straight talking guide to Car Loans
I was talking with somebody about the car loan and informed that we were paying around 15% for our secured car loan. A secured car loan is when they will take the car, if you default on enough payments. Unsecured car loans, generally for cars that have little resell value, have a higher percentage. On top of the 15% percent, they were also charging a $3.00 account keeping fee, every time I paid them money. I ended up discovering that I could get a loan for around 9-10%. With no penalties for pa - 16 months ago
