It's not wise to make any huge purchases or move your money around three to six months before buying a new home. You don't want to take any big chances with your credit profile. Lenders need to see that you're reliable, and they want a complete paper trail so that they can get you the best loan possible.
Bigger Isn't Always Better
Everyone's drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There's an old adage in real estate that says don't buy the most significant, best house on the block. The largest house only appeals to a very small audience, and you never want to limit potential buyers when you go to re-sell.
Be honest with what you can afford.
This is an important step to take before you start looking. Mortgage loan payments and the costs of owning a home affect your budget more than rent payments, so consider your budget.
If you're applying for a home loan, while it may be tempting to borrow the maximum you can borrow, check to see how much the repayment is and whether it fits within your budget. Consider the maximum refund you are willing to pay each month.
Search and search...
If you do enough preliminary research, it's unlikely you'll settle or overpay for something you really don't want. Here are some helpful tips:
Think about the areas in which you would like to live.
Check out recent sale prices and suburb profiles on real estate websites.
Check with local agents to get an idea of the market.
Excellen, thank you