6 Tips for Buying Your First Home

Buying your first home is a thrilling and daunting experience; this is true whether you are leaving your parents' house or are transitioning from renting to having a place of your own. When it comes to purchasing a home, it's safe to say that it's going to be one of the most expensive things you've ever bought in your whole life, so preparation is key!

Check out our top 6 tips for first-time homebuyers.

1. Organise your deposit

If you’re purchasing an established home, the real estate agent representing the seller of the home will likely request that you make a sizeable deposit. If you’re purchasing a house and land package, the required down payment will be determined by the firm that you are doing business with specifically. If you can, try to start saving as early as you can for your down payment to reduce the amount you will need to borrow.

2. Get your finances organised

It would be a waste of time to look at houses, fall in love with one, and then discover that you can't afford it. Therefore, it’s important choose a qualified broker or banker and take some time to go through your finances with them. You’ll want to make sure you have a solid understanding of exactly how much you can borrow. Knowing how much you can afford to spend on a home will help you narrow down your search and simplify the process.

3. Shop within your budget.

There are a lot of people who put unnecessary strain on themselves because they are searching for a home ‘with champagne taste on a beer budget’. It’s really important to understand your finances and exactly how much you can borrow, and to make sure that you shop within that budget. This will ensure that once you have settled down and moved in, you won’t be under any financial strain - you can simply enjoy living in your new home.

4. Understand the costs of homeownership

It's easy to overlook the fact that there are a lot of expenses outside the cost of a new house to consider. You'll need to budget for property taxes, recurring expenses, and bills in addition to the purchase price. Try to minimise these costs by looking at properties that fall within your financial means. For instance, a home with tall windows may be attractive, but what about the upkeep of cleaning them? Does this fit within your spending plan?

5. Research the neighbourhood

Check out the crime rate, the schools, the distance from your job, and other important things that will affect your daily life. You might find your dream home in a new suburb, but if it's too far from work, it might not be worth the extra time and fuel cost to get there every day.

6. See if you are eligible for any Government Grants

First-home buyers are eligible for a variety of incentives offered by the government. Be sure to do your due diligence and research all of the Government Grants and rebates that are available to determine whether or not you qualify for any of them. You never know, they might be the deciding factor between a home you like and home you love. You can view all available Government Grants here.

get in touch with us