Deciding to buy your first home is an exciting milestone but it can also feel overwhelming as it’s likely to be one of the biggest financial decisions you will ever have to make. So, where should you start?
1. FIND OUT WHAT YOU CAN AFFORD
Your budget will be determined by how much you have saved for a deposit and the amount you can borrow from a lender, such as a bank, building society or mortgage broker. To find out how much you can borrow, the lender will calculate a maximum loan based on your income, savings, assets, expenses and credit history.
2. WHAT GOVERNMENT GRANTS, DISCOUNTS AND SCHEMES ARE YOU ELIGIBLE FOR?
In each state, there are incentives in place to help make it easier for you to get into your first home. Make sure you do your research to work out whether you are eligible for any concessions that reduce stamp duty or taxes, which may significantly affect the overall purchase price of your home.
3. HOW TO FIND THE RIGHT PROPERTY?
Consider what type of property will work best for you and the factors that will impact your final decision.
Some factors to consider:
• What type of property do you need for the immediate future?
• Would you be willing to purchase a property that will need work done or would you like a property that has already been renovated?
• Think location, size, features? What is important to you and your current phase of life?
• Are factors like proximity to shops and public transport, schools etc, important?
4. START LOOKING AT PROPERTY AND UNDERSTANDING THE MARKET
Start attending open-for-inspections in the areas that you are considering purchasing in, to get a better understanding of what you can afford with your budget. Look at what these properties are selling for – rather than what is being asked – as this will give you a more realistic picture.
5. KNOW AND UNDERSTAND WHAT YOU NEED TO HAVE READY BEFORE YOU MAKE AN OFFER
Once you have found a property that you are ready to make an offer on, make sure you have had all the necessary property inspections done.
Purchasing a house comes with plenty of paperwork. Engaging a conveyancer can help you ensure all the legal processes are followed and make you feel confident that all the necessary steps are followed before signing legally binding documents.
WE ARE HERE TO HELP
With so many factors involved, we know the process can be a little daunting. Once you have your finances in order and have a clear idea of what it is you are looking for, we are here to support you with any questions you may have. Reach out to the team at Belle Property Dural today for more tips and information 9129 2882.
