Most new home hunters do not have a basic understanding of long term financial commitments and hassle and responsibility involved with paying off loans during an extended period of time. They fail to realize the obligation and accountability associated with committing to a loan payment every month for the next thirty years of their lives.
Buying your own home with the help of a home loan is always a better idea than paying massive sums of money in rent every month. Paying the same amount of money that you would allocate as rent payment as a installment toward a loan that will guarantee that the house will one day be yours is a great investment however, it is also a very big responsibility. A property buyers advocate will be able to help you to find the perfect home for your budget and give you advice on how to obtain a loan.
However, because you have a stable full time job today, you may think that you are set for life and will be able to pay off your loan installments for the next thirty years, however, you do not know what will happen in the future. You may lose your job or your company may collapse and be unable to pay you your stable salary. You or a member of your family may unfortunately fall ill and you may have to pay your entire savings on hospital bills. A property buyers advocate will be able to tell you countless stories of home buyers that have faced the same situations time and time again as this is a common occurrence. Visit this link http://www.aspc.com.au/real-estate-advocates/ for more information about property buyers advocate in Melbourne.
You may be single today and may think your income is sufficient but one day when you get married and have the responsibility of supporting a family, your financial circumstances may chance entirely. You will never know, and for this reason it is always advisable to stabilize your income and have a back up financial plan. Ideally, before you begin house hunting, you may want to think about starting up your own company from home while you are still working your full time job. You may work on your own company during your free time or during weekends. At first you may not have a solid regular income coming in from your own home based company however, as your home based company matures and customers become more aware of your brand, you will begin to have a double income and may one day have the opportunity of working solely on your own company.