7 Tips for Buying a Property in Your 30s

If you’ve worked and saved money during your 20s, and you’re planning to buy a property in your 30s, this must be the first and biggest investment you’ll have. In addition, you must be excited about the designs, location, and other factor that can help you build your dream house.

But since it’s your first time buying a property, you might have a lot of questions, such as where you should start. Good thing, nowadays, you can easily search things online. However, when you do, you should still think about every step you’re going to take, especially when it comes to property hunting.

In this article, we’ll give you some tips about buying a property in your 30s.

1. Assess Your Finances

How are you in terms of financial aspects? Do you have enough savings you can use for downpayment? Aside from your savings, you should also assess your credit score and if you can pay your loans based on your salary.

In doing so, you can hire a financial advisor, who can guide you in determining the amount of money you can apply loan for. At the same time, you should be aware of the process of buying a property. Securing the money you have is one thing, and finding out that there are additional payments to make during the process is another.

2. Define Your Property Goals

What type of property do you want to achieve? Do you want to buy in the suburbs or the city? Do you also want to own land or are you okay with the apartment or condominium type? These are some of the basic questions you should ask yourself.

In addition, you should also consider your current and future situations, financial health, and lifestyle. For instance, if you’re planning to get married or have a baby in your 30s, you should have enough rooms. At the same time, there should also be enough space as your family gets bigger.

3. Explore Financing Options

As mentioned, aside from assessing your current financial health, you should be aware of various financial options. If you opt to hire a financial adviser, they can help you identify if you qualify for multiple loans, such as the conventional or Federal Housing Administration (FHA) loans.

In terms of your career, if you’re working for a company as an employee, there’s a chance of getting fired and not being able to pay for the remaining balance. At the same time, if you’re a business owner, you can also encounter inflation and other problems. This is why you should have a diverse source of finances in case the other is no longer possible.

4. Create Long-term Plans

In terms of long-term goals, you should also consider your finances. It includes the appreciation value of your property. Even if you’re not planning to sell it in 10 to 15 years, you might encounter a situation that may lead you to do so.

Aside from the future resale value of the property, you should also factor in the location and the current market economy. If the properties in the area are expensive at the moment, you should take a look at the room for development. If there are plans for new malls and parks, the properties in the said area may become more expensive in the future.

5. Hire the Right Professionals

Aside from the financial adviser, you should also hire other professionals when buying a property. Some of these professionals include property inspectors, real estate agents, and mortgage brokers.

When looking for the right professionals to help you, ensure they have experience working with first-time property owners. In addition, don’t forget to check their previous projects, and see if they fit with your preferences.

6. Don’t Rush the Process

Buying a property takes time. Whether you don’t have the money and time yet, or you’re already searching for a property, don’t rush it. As you already know, homeownership isn’t something you should achieve right away, especially your first one. Besides, you’re going to live there for years, so take your time looking for the right one.

And if you’re not financially ready yet, it’s fine as everyone has their timeline in terms of owning properties and achieving things.

7. Prepare for Maintenance and Other Costs

Your budget when buying a property doesn’t end once both parties agree on the price. You also need to have a budget for maintenance, repairs and renovations, and home insurance. Besides, the next goal here, as a property owner, is to make sure your property is well-maintained, and you won’t encounter problems, at least within a few years.

Final Thoughts

Buying a property requires time, money, and effort. Although you can’t achieve it right away, it’ll all be worth it once you find the one you’re looking for. By incorporating these tips, things can be a bit easier since you have a guide.

Let us know your property-buying experience by leaving a comment below!

ABOUT THE AUTHOR

Aliana Baraquio is a web content writer working for Bennett Property, a family-owned company offering a full range of property services, including Sales, Leasing, and Development in Sydney’s Northwest. As a writer, she is passionate about providing good quality articles to help readers make the right choice.