What is the first step in buying a house?
Step 1: Figure out how much you can easily afford to pay for housing each month. This is based on your budget not what a lender tells you.
Step 2 Fins out which is better buying or renting. It could be either way depending on your unique situation.
Can you suggest me more?I would always choose buying.
But renting may be better for you if you want to live in a certain area.
eg if you want to live close to the city you'd be better renting as yields are low. BUT I'd still buy in an area that has better yields and rent it out. That way you are at least keeping pace with the market and can buy in your desired area down the track.
If you find a place with a good yield you may pay very little )or nothing) out of your pocket.bagpiper wrote:What is the first step in buying a house?This is a very broad kind of question. I would suggest look at the end point. Is it for you to live in? Is it an investment? If IP, then are you looking at buy and hold, buy and renovate, negative gear, subdivide, regional, city, units, commercial, residential etc etc etc.
May I suggest
1. educate yourself with eg Steve Mcknight's book (From 0 to 130 preoperties in 3.5 years) and perhaps a subscription to a magaxzine such as Your INvestment Property or Australian Property Investor (Both similar and $9.95 at most newsagencies)
2. continue reading/asking on this forum;
3. try and clarify your own goals with this-(eg to have paid off property that you can live off the rent as the ultimate goal) or perhaps, to eventually own your own home.Thoughts
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