People will always want a home in which to live with their loved ones. The good news is buying your own home is totally achievable. But many of us don’t know where start and how to get the ball rolling.

Careful planning and strategising are essential. Planning involves determining your budget, financial capabilities and financing options, working out the type and size of the house you want, its location and deciding on which solicitor to use to settle the transaction.

After the planning stage, the next most important step is to figure out your finances. With a budget in mind, it is far easier to look for your specific property. Contact your trusted finance broker to establish exactly how much you can borrow and what you’d be comfortable repaying each month.

From there, you can start searching for your ideal house.  Look at the stock avaiable with real estate agents in your chosen area.  Scour the internet.  Check the local papers. The classified section of the local newspapers is a great place to look as you just may stumble across a real gem.

If advertisements have photos, make sure you can personally verify what you see is what you’ll be getting!  That’s why inspection is the next crucial step.  In Australia, sellers are not required to disclose any defects they are aware of in their house. For this reason, it is essential to personally inspect the property inside and out or if you’re unavailable to do so, have someone trustworthy person to check it for you.

If you’ve finally decided on purchasing the family dream home, obtain a copy of the contract for sale.  Now is the time to find a solicitor who is familiar with contracts of sale for the area in which your house is located.  They’ll be able to check the contract for any irregularities or “gotchas”.

By following these basic steps and ensuring you do your due dilligence, you’ll be that much closer to owning your dream home.

By Wendy Moore, Founder, www.savvywebwomen.com

Many of you may have heard the success stories of real estate investors and may be thinking about venturing into the property field as well. So how does one get started in property investing?

Self-assessment is crucial. Ask yourself what you want to achieve in this field. If you have a positive attitude and you have the dedication to stick with it and do your best, property investing may be for you.

Arm yourself with a wealth of knowledge about the real estate industry in your chosen area:

• Track the figures on property sales
• Understand the laws for purchasing in your target area
• Understand how to sell property to your target market
• Look at different financing options
• Understand the common mistakes to avoid
• Get to know the documents required
• Understand the roles of real estate agents and lawyers in the entire transaction

Teleseminars are a great and convenient way to personally get in touch with real estate experts and to learn more about what they do and their personal success tips.

Many real estate educators hold property events throughout the year, in the different areas of Australia, targeting different methods of investing. Also, network with other people who share your interests and share and learn valuable information.  Find a mentor who you can relate to and learn from them.

Once you’ve started on the knowledge gathering journey, the next step is to assess your own financial situation. Find out the financial options available to help you get started in property investing by speaking to a reputable mortgage broker.

Finally, never stop discovering and learning.  Remember, the more you learn, the more  likely you are to succeed.

Make sure you take a look at the Get Started in Property Mentoring program if you are keen to start on your investing journey (www.getstartedinproperty.com).  Trial the program for the first month for just $1.  Use coupon code GSIPTRIAL when you check out.

By Wendy Moore, Founder, www.savvywebwomen.com

Many homeowners in Australia are expected to benefit greatly from the government’s Energy Efficiency Homes Package. The $3.9 billion package is part of the $42 billion Nation Building and Jobs Plan that aims to generate more jobs in the fields of manufacturing, distribution and installation of ceiling insulation and solar hot water systems.

Covered under the solar hot water rebate program are homeowners, landlords or tenants who replace their electric storage hot water systems with the solar or heat pump units and only their main residence. Those eligible can enjoy up to a $1,600 rebate.

The goal of using solar hot water systems is to cut greenhouse gas emissions. It has been confirmed that in Australia, water heating is a major source of greenhouse gas emissions and utilizes approximately 28 percent of energy in a single home.

The solar hot water system plays a key role as it is not only environment friendly but it also provides families with big savings on their yearly electricity bills ranging from $300 to $700. The Australian government recognizes the benefits of using renewable energy and is strongly committed to provide incentives to homeowners who adopt the eco-friendly systems.

Homeowners can only choose one of either the solar hot water program or home insulation program to avail of the $1,600 rebate. The reimbursement will be given only after installation. To be eligible for the hot water rebate, homeowners, landlords or tenants need to install a solar or heat pump hot water system with the assistance of a qualified and licensed electrician or plumber.

Those who can apply for rebates now are homeowners who have installed solar hot water systems on or after February 3, 2009 until June 30, 2009. Submission of applications is allowed within six months after the installation. The application form must be signed by the installer to certify that your unit is new and a hot water system. The installer is also required to give other technical and installation details.

More information on this program can be read on the Department of Environment website at www.environment.gov.au/energyefficiency.

By Wendy Moore, Founder, www.savvywebwomen.com

Can you still invest in real estate even with little money on hand?  The answer is yes, you can. If you’ve got a good credit rating, are employed or operating a business and someone who knows how to manage finances well, then you have every chance to get started in property investing.

First, you need to evaluate your financial capability. Decide whether you will use a some of your own personal funds in the deal, how much is required and whether you will need additional finance to fully support the real estate project you are about to start.

Researching the costs involved in purchasing a property is key. Check the internet and visit property investing sites that cover the areas you wish to purchase in.

Purchasing costs can be estimated at five percent of the total purchase price. This may include legal fees, mortgage application fees, stamp duty and other taxes for the property. The amount, however, can differ depending on the state where the property is located and the total value of the property.

So what are some of the other upfront costs that you have to keep in mind?

Deposit. Depending on where you buy, some vendors request up to 10 percent deposit of the total loan value upon the signing of the contract.

Insurance.  Once you sign a contract to purchase, you need to arrange an insurance cover note for the property until settlement then full insurance will be required.

Taxes. Purchasing a property always involves payment of certain taxes.

a. Goods and services tax or GST may be applicable to some property purchases and, in Australia, is pegged at a flat rate of 10 percent.

b. Stamp duty is a state tax covered in different transactions including the purchase of real estate. This can either be on a fixed rate or on an increasing scale. The total value of the property is considered in calculating the stamp duty.

c. Land tax may be payable and refers to a state tax that is charged yearly to land owners. It is based on land ownership or land usage in some states. The tax is charged on the total unimproved land value at a specific date. The rates and thresholds may vary from one state to another.

Consulting a real estate lawyer is your best option when it concerns investment costs.

By Wendy Moore, Founder, www.savvywebwomen.com

In your pursuit to obtain a mortgage loan for your property investment, there are several aspects that you have to take into account before approaching a bank or lending institution.

Assess your needs. Determine first your overall financial situation. Ask yourself if you have enough savings to push through with your investment plan, if you have a good credit score and payment history.

Consider your finances. Decide whether you will use part of your personal funds for your investment venture or will you rely totally on a mortgage loan? Figure out the amount of loan you want as well as your financial capability. As well as thinking about the loan amount you can borrow, you need to consider your ability to repay the loan.

Fixed versus variable loan. Consider the type of loan you want - is it going to be a fixed rate or variable rate loan? A fixed rate loan involves a locked in rate for the duration of your loan but it can protect you against interest rate fluctuations due to market conditions. Variable rate loans are preferred by some as it allows them to avail of low interest rates when the market is performing well.

Credit rating. Having a good credit history is vital. Your ability to maintain a favorable credit standing will show in your credit rating.

Do some research. Shopping for loans from different banks and lenders will help you compare and guide you in making your final decision. This is where a good finance broker can save you time and money.  Let them do the leg work for you.

By Wendy Moore, Founder, www.savvywebwomen.com