If you are a person who has spent their life in a rental like me, the prospect of being a homeowner can feel like a heavenly thought.
There is no doubt that buying your first home can be an exciting experience filled with opportunity.
However, it can also be a daunting time, as with opportunity, comes an ever-changing market, along with life changing decisions.
To help you, here are my seven tips to ensure you’re getting the best deal on your first home.
- Working with a developer:
If you have the means, why not get a developer on board to meet your specific wants and needs.
Whether you want to build on a block of land, or move into an already placed home, companies like Wisdom Homes can help you find exactly what you want.
A variety of homes, such as the Ambassador and the Alegra, offer the space for a large family or many guests, with 3 - 4 bedrooms, starting from $246,900.
When considering a developer, think about how any inclusions, such as upgrades and appliances will fit into your price range, as well as a contingency plan for unexpected delays.
- Shop around:
If you are buying a house, the area you are moving into can determine how much you may pay either at auction or at private sale.
Those in family suburbs, as well as close to the city can often have a high price tag
Websites such as realestate.com.au can help you see the price range of houses in your desired area.
This is why when it comes to buying your first home, knowing what you can afford is something to consider.
When you know the limit you can afford to reach concerning your desired property, then it can make the market much easier to navigate.
If you are moving out of a rental, have a look to see the minimum deposit you would have to put toward the purchase.
- Get trusted financial advice:
There is no denying that buying one's first home is a serious decision, both as a personal choice and a financial investment.
It is one not to take lightly, and often this is where professional guidance is advisable.
Those such as ANZ's Buy Ready can help you to get yourself into the property market, without feeling as if it is an impossible task.
It is best to consult your relevant financial institution for their advice.
- Ensure you get the best rate:
When going to buy one's own home, another thing to consider is your mortgage.
Knowing that you are getting the best in relation to your home loan rate can make a real difference to how long it will be before it is paid.
Insurance is also something on which you want a good deal.
You don't want to invest in a cover where the payments may be just as high as your mortgage repayments.
Companies such as Allianz can help you get up to a 19% saving when you take out insurance online.
- Open for inspections:
We all know about the test drive when going to buy a new car right. Well you can consider open for inspections to be the housing equivalent.
Attending open for inspections are often the thing that can help you in considering if the area is the best for you.
Things to be aware of include whether the house has the desired layout and amount of space, how it will meet your commute and, if considering kids, a good school district.
Now there are my seven tips in ensuring you get the best deal on your first home. Happy hunting!