Both overwhelming and exhilarating at the same time, buying your first home can be the best experience of your life.
Often, however, first-time buyers lack the real estate know-how to make the best decisions, which can often land them in trouble. If you’re looking to buy your first home, read on to see the top 5 considerations any first-time buyer should make.
1. Your property type
Everyone has an idea of their dream home, but whether it actually suits their needs is a different point altogether. Whether it’s an apartment, a townhouse, or a luxury beachside villa, make your choice based on your lifestyle, work requirements, and most importantly, your budget.
2. The features your home needs
Before investing in a property, it’s important to know what you’re going to need from it. Before even booking any viewings, make a list of the key features your prospective home needs to have in order to work for you. It might take a bit of effort, but it’ll make the viewing process a lot simpler.
3. Stick to your budget
When buying a home, it’s so easy to get carried away by the gems on the market. Knowing how much you can afford to spend, however, is the key to success. If you go over your budget, you could run into financial problems and negatively impact your lifestyle.
By spending a bit more time looking for properties, you’ll no doubt find the features you need for less.
4. Think long-term
As a first-time buyer, you should remember that it’s unlikely you’ll be in the same home for the rest of your life. For that reason, you should view your property as a long-term investment that you can capitalise on in the future.
Points for consideration should include where the property is located, what its net value is, and what the land is worth/whether it’s appreciating or depreciating.
5. Be aware of government grants
These differ from state to state, but each government offers specific incentives to entice you into buying a home. Usually capped at a maximum land and home value, these grants will offer you a fair chunk off of the sale price.
Some private housing companies will also offer incentives to first-time buyers, such as lower mortgage rates or a fully-furnished home.
For more information on what grants may be available to you, make sure you read our article First-time buyer? Check out the benefits available.
When buying your first-home, be sure to bear the above points in mind. Not only will you end up with a property much more suited to your needs, you might even save a bit of money.