10 Things to know before buying your first home
There is no room for impulsive decisions when buying a home. You need to know what to consider, the ins and outs of home-buying, the type of house you want to own and call home. Here are some tips so you will have no regrets about buying a home in Australia.
Buying homes will require your research and careful attention. It would be best if you think things through before you lock in your final decision. You may begin by asking yourself a few questions: what is your lifestyle? What do you value? If you are the type to love road trips and adventures, you may consider taking your home on the road for convenience. In that case, consider getting a house on wheels. But if you would want a permanent and steady place, you can take the usual route of choosing a building from which to start building your dream home from the ground up.
List down what home features and design you would love for your future home. It is best if you write it down. Classify the negotiable from the non-negotiables. The parts that you can compromise from the aspects that you need to have.
Look for the perfect location. In this case, perfect is subjective and personal. Look into what you love for a place where you will return to after a long day. Then, you may begin by looking into the location of your future home. Think long enough and careful about this because your environment, in a way, affects your daily living. It has an impact on your lifestyle. Once you decide, you can never change your location unless you opt to leave it. You may alter the designs, reposition the furniture, or revamp the decorations, but your site is hard to change. Location is important. It should be accessible and near necessary establishments so that you will not have to travel for miles to meet any need. Does it have a good neighbourhood? Although, convenient locations are typically expensive. It also affects your home value, which may or may not benefit you later if you decide to sell it. You might have to bide some time to weigh the factors in your home buying.
Find High Growth Investment Property Hotspots within seconds. Less Search, More Insight, Off-Market Inventory with Australia’s #1 Online Property Investment Platform.
If you found the right location for you, check the amenities and facilities surrounding the area. Do these meet your needs? Do they align with your checklist? If you value wellness, you may choose one that is near fitness centres or parks. You may look into how near it is to schools for your children. If you are a working individual, check if it is near your workplace. Is there an accessible garage or parking area for your vehicles? Put in some thought over what you want and whether or not your budget allows it.
Do your research and inspection. Check if there are any possible issues in the location of the building. Make sure that the facilities function or if the lightings and the fixtures are working. You may also talk to long-existing residents in the area. This way, you may find a piece of information that a sales agent might fail to disclose to you.
Buying a home is a complex process. You do not only spend on the building itself. There are also direct costs attributable to the purchase like stamp duty, legal fees, and the like. It is better to have access to professional help as you go through the home-buying process to ensure that transactions are legal and time-efficient.
Check your budget. You can be impulsive when buying anything but a home. It is a big decision with risks that you need to calculate first before taking. Rush purchases may lead you into an unwanted pit of debt, so you better avoid it. You will end up having a home but also with an accumulated debt later. Your home could be warm and cozy, but worry fills your thoughts. Take note, though, that you do not only spend on buying the house, you are also bound to pay for purchase taxes, building inspection, and mortgages. It is best to understand and know what you can afford. You may have no choice in home-buying but to compromise what you want with what you can afford if you are in a slightly tight position. You can compromise but make sure that is also well within your terms. Do not settle for anything less, if you can.
Compare buyers' agents' fees, services and local experience across Australia. Find the best local buyers agent for you, with our 100% free service.
Sydney Buyers Agent Melbourne Buyers Agent Brisbane Buyers Agent Adelaide Buyers Agent Perth Buyers Agent Hobart Buyers Agent Canberra Buyers Agent Darwin Buyers Agent
Research on the local market. This tip is in line with what we mentioned above. You may try consulting finance or mortgage brokers for borrowing plans. For secure and efficient transactions, work with knowledgeable professionals. You can always negotiate. If you are a home buyer, especially for the first time, remember that you have the right to stand for your terms. Real estate people work for the favour of the seller.
If you are in a tight financial position but want to buy a house as soon as possible, you can apply for government incentives. Some localities offer government grants, stamp duty concessions, and taxation benefits for first time home buyers. In Australia, the government has what you call a First Home Owner Grant. You only need to visit their online website and apply there or in person.
If you have exhausted all means but still failed to get your perfect home, then build one. You may purchase land in your desired location. Then, visit the Master Builders Australia (MBA) and the Housing Industry Association (HIA) because they train builders in sustainable practices. Check the building specifications as well as fittings, fixtures, and floors.
Hire Buyers agent.A buyer's agent will help ensure that you get the best possible results—and will make it more likely that you can achieve the outcome you are seeking. Buyer's agents are able to identify which properties are worth their price tag and which ones may be over-priced or are likely to sell for more than their guide. They can also determine if a property will likely cost you more in renovation and repair fees post sale.
The ones outlined are only some of the factors you will need to consider before deciding to buy your first home. Give primordial consideration for your location. Out of all the aspects of a home, where it is situated is the most crucial. You can hardly change it. Choose the right place, the specifications of your home, and work with licensed professionals. There is nothing more fulfilling than buying a place you can call your own.
Join our 24,000+ subscribers to receive Property and Finance Monthly Update