Making the move from renting to buying your first home can be stressful, but with proper planning and preparation it can be a hassle-free, enjoyable and rewarding experience. Here are a few tips for people about to buy their first home.
1. Take your time and do your research. Look into every aspect of buying your first home – talk to experts, as well as people who already live in the area where you are looking to possibly buy. Talk to people about their first home buyer experience.
2. Make sure you’re eligible for a home loan. Speak with your bank, or other financial institutions, understand your borrowing capacity, deposit required and get lending pre-approval.
3. Make sure you understand what Government assistance is available, and what you could be eligible for if any, and do your sums accordingly.
4. Determine the locations where you’d like to live and then ‘scope’ the areas to determine what is right for you – schools, medical facilities, shopping, transport options, parks etc. Create a checklist to determine your ‘must-haves’ vs your ‘nice-to-haves’ and make your decisions accordingly.
5. Consider the benefits of buying brand new, particularly when buying off-the-plan vs buying an established home.