Buying your own home for the first time is exciting but it is a stressful process and you need to prepare for it adequately. There are many things you don’t know as a first-timer which is why the scope for mistakes and making bad decisions is high. Also, if you don’t connect with the right people, you can remain unaware of many things that make the process easier and economical.
Thus, arm yourself with knowledge by reading this first-time homebuyer’s guide that outlines useful tips by residential property experts in Australia. Have a look.
Know Your Requirement
You should know what type of house or unit you want to invest in before starting the whole process. The property markets in Australia have a variety of residential properties such as single family homes, townhouses, apartments, duplexes and more. Look for a home that will satisfy your needs and desires and would be an excellent asset in the future too.
Prepare Your Budget
Analyse your income and savings as you plan to buy a new home to know what your budget is and look for properties accordingly. You can hire an experienced accountant to define your net worth and calculate costs of loan, liabilities, stamp duty, registrations, etc.
Once your budget is set, you can proceed to contact reputed real estate companies or check online platforms for buying/selling residential properties in Australia.
Choose A Location
Since purchasing a home is a long-term commitment you have to ensure the location chosen for the property is where you want to live for years, raise a family etc. Usually, it is common for people to buy a home in the city or region where they grew up but you should consider all possibilities. Following should be your main goals when selecting a location to buy a home.
- Finding an area that is a catchment zone for good schools
- Good public transport system and connectivity to other areas
- Safe and secure areas with low crime rate
- Look for a place that has modern amenities, hospitals, shopping centres, retail shops, parks, restaurants, cafes etc.
Check Eligibility for First Home Owner Grant
On 1st July 2000, the First Home Owner Grant (FHOG) scheme was launched by the Government of Australia. The national scheme is funded by the states and territories who manage it under their laws. This scheme is effective to offset the GST’s effect on home ownership.
If you are eligible under the scheme then you can acquire a one-off grant. To know more, check the First Home website for information.
Hire Professional Property Valuers
To the accurate and actual price of the house, apartment, land and any other residential property you want to buy, don’t hesitate to take the assistance of a licenced and certified property valuer in Australia. The expert will analyse the property, its location, and other aspects to properly evaluate its price.
Usually, real estate agents quote a property price which is a lot higher than the actual cost. They are biased and keep a significant commission margin. But, when you hire professional property valuers, you can learn the right and fair price of any type of residential house or unit.
Always Visit and Inspect The Properties
During the shortlisting process, make sure you can physically visit the properties to get a better idea of its structural integrity, design, spaciousness, and other things. You can also learn a lot about the neighbourhood, connectivity and secureness of the area where the property is located.
Inspect the properties you like thoroughly for defects leaks, repair work or any other problems the seller haven’t listed. If possible take someone alone with property inspection experience.
Be Prepared To Close
When you find a good property at a suitable location and know it doesn’t have any problems, close the deal as soon as possible. Take professional help to manage the paperwork and start making arrangements for ownership transfer.
The Bottom Line
Buying a new home for the first time is a challenging process but when it is complete the excitement is unparalleled. During the process you can make mistakes or remain unaware of important things. Therefore, make sure to follow the tips shared in the guide above and make informed decisions.