Step 2: Affordability & Personal Finance
5
One
Protect the income that you have
of the things that the bank will ask for is information regarding the insurance that you currently have in place. As you are reliant on one income only, it is very important to get income protection insurance to ensure that should something happen, you can continue to service the loan.
6
As
Longevity is the key to success
far as lenders are concerned, the longer that you have been in your job, the better. If you have been in and out of jobs. Greeff says wait until you have locked down your dream job.
Purchasing property always comes with a few challenges that homeowners, whether single or married, that you will have to work around. However, owning your own home has countless, long-term benefits and that makes everything worth it.
Preparation is the key to success when buying a home on a single income. Work through the tips above, and you’ ll put yourself in the best position possible to become a homeowner.
Sources Greeff Christie’ s International Real Estate, BetterBond
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