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Buying your first home? Here are 5 things you absolutely need to know

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Buying your first home? Here are 5 things you absolutely need to know

Buying your first home? Here are 5 things you absolutely need to know Buying a home for the first time is a massive step in your life, and it will probably be the biggest investment you make in your lifetime. There’s a lot more to it than just choosing a home and putting a deposit down. It’s crucial that you understand everything that’s involved in buying your first home, so you don’t risk anything unexpected coming up. There’s no such thing as being too informed when it comes to buying your first home, so we’ve put together a list of the most important things to understand before buying a home.

1. How much you can spend

One of the first steps to buying a house is working out how much you’re going to be able to spend on it. You can start by looking at your monthly household income and comparing it to your outgoing expenses. Make sure that you’re honest and realistic so that you can move into your new home and continue to maintain a comfortable lifestyle.

Once you’ve worked out your budget, it’s time to head to the bank. You’ll want to make sure the bank has given you the a-ok for your loan. Having pre-approval gives you the upper hand as a buyer.

2. What the extra costs are

Don’t mistake thinking that the only costs associated with buying your first home are the deposit and the mortgage. Especially when working out your budget, you will need to consider additional costs such as home and contents insurance, stamp duty, lenders mortgage insurance and council rates. Do some research or ask a trusted financial advisor to estimate how much these may add to the overall costs of buying your first house.

3. The finance options and grants are available to you

If you’re ready to buy your first home, you’ll want to become very familiar with different types of mortgage loans and deposits. When searching for the right home loan, it’s essential that you consider all factors of the loan, not just the interest rate. 

Different grants are available to help first homeowners get into the property market. One of these is the first homeowner’s grant, which gives you a one-off payment of $10,000 to buy or build a new residential property. 

At First Home Buyers Direct, our finance specialists will assess your financial situation and find the right loan for your circumstances. We will also work with you to help you understand the process and find any grants you may be eligible for. Check out our range of finance options and get in touch to see if you qualify.

4. Your location options

The suburb you choose to live in will make a big difference to the future lifestyle you live in your home. That’s why it's crucial that you understand your options. Consider what your priorities are, for example, do you want to live near the city? Or close to schools? Narrowing down your needs will help you identify which suburbs will be suitable for you. 

Although sometimes your ideal suburb may be out of reach, you can always consider affordable neighbouring suburbs close by. If you’re attracted to an area because of its increasing value, remember that this will spill over into its surrounding suburbs. 

5. Your different building choices

If you’re looking to build your first home, there are many different options available. House and land packages are an excellent option for first home buyers, as they are designed to deliver amazing quality and value in a single, easy-to-manage purchase. See our range of house and land packages to find your perfect block of land!

Building with First Home Buyers Direct

It's our mission to get as many people as possible into a brand new home of their own. Ready to get into your first home? Use our loan calculator to see how much you could borrow.

Posted by First Home Buyer Direct on 17 October 2021 | 0 comments

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