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Top 8 tips for buying your first home

Top 8 tips for buying your first home

Top 8 tips for buying your first home  
  1. Know what you can afford

Look at your monthly household income and outgoing expenses. Be honest with yourself and don’t spread your finances too thin just to make the numbers work. Be realistic so when you move into your new home you can still live a moderately comfortable lifestyle.

  1. Decide what you want

Do you want three bedrooms or four? A big backyard for the kids or a theatre room? Look at different house plans and options to get a feel for what your search criteria is before you start hitting the pavement looking for the right home. It will save you time and will also give you a realistic expectation of what’s out there compared to what you can afford.

  1. Get pre-approval

Don’t start shopping around for your dream home until the bank has given you the A-Okay to do so. Having pre-approval gives you the upper hand as a buyer, you know what you can and can’t have and that you’re ready to sign on the dotted line when you feel the time is right.

  1. Find a location

Do you want to live near the city, near the beach, or close to schools? Narrowing down your immediate household needs will help you identify suitable suburbs which in turn narrows down your searching time.

  1. Consider surrounding suburbs

Sometimes, your ideal suburb is out of reach price wise. That’s not to say you can’t live close by. Consider more affordable, neighbouring suburbs. If you’re attracted to an area because of its rising value, remember that may spill over into surrounding suburbs.

  1. Do your research

Now that you’ve found where you want to live. Get online and find out things like average house prices, how many houses are being sold vs bought in that area, average age of people living around you etc. All these things will paint a clearer picture for you so you know that you’re getting your next property at a fair price in a a stable area.

  1. Have a coffee

You’ve earnt this one, all that research has tired you out right? Well this isn’t an opportunity to rest, it’s a bit of field work for you. To make sure the area you’re interested in lives up to your expectations hit the streets, visit some cafes and shops and see what’s around!

  1. Talk to the experts

Speak to some local agents to see what’s going on in the market. They’re also going to be able to answer some of the questions you would have after all of your investigating.

Thinking of building your dream home? Get in touch with our experts or find out if you qualify with our loan calcuator. 

Posted by First Home Buyers Direct on 20 April 2017 | 0 comments

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