You’ve got a good idea of how much you can afford to spend (see our Affordability section if you haven’t).  Now, are you ready to start looking?  Here’s a few things to consider before you begin:

• Are you clear about your reasons for buying?  Are you looking for the freedom to do what you want to with your home?  Are you looking for long-term capital gain?  Do you want to stop paying rent and put the money instead into a home?  The answers may influence what you are looking for in a home
• Are you comfortable with the financial implications?  For example, your home loan repayments may mean that you’ll have less disposable income than you do now – are you happy that the benefits of home ownership outweigh the potential changes to your current spending habits?
• If you are looking to buy as an investment (or hoping for capital gains on your home), be aware that better capital gains are usually obtained by being in the property market long-term (at least a few years).  Are you prepared to wait that long?
• Have you considered the risks?  For example, if interest rates increase, will you still be able to meet your repayments?
• What are your future plans?  Are you thinking about travelling?  Having a family?  Changing your job or retraining?  What impact will it have if you do this?

If you’ve considered all of these things and you’re still keen to buy a home, great.  Take a deep breath and let’s go.  Here’s where the fun starts!

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