Professionals Burleigh 
So you’re looking to buy your first home? Purchasing your first property can be overwhelming, that’s why the team at Professionals Burleigh have prepared some tips to help you get into the housing market.
One of the vital parts of this process will be getting pre-approval for a loan, this will give you a better idea of the budget you’re working with before you start house-hunting.
To boost your confident stepping into the property market, we’ve put together 12 steps to guide you on your way:
- Budgeting
It’s essential that you consider your budget for your current financial position and your future situation. Not only will you have mortgage repayments but you’ll also incur ongoing bills that come with owning a property.
- Other Costs
When budgeting for your first home, you must consider the cost of a house deposit. You should also budget for costs such as conveyancing, bank fees, mortgage insurance, building and pest inspections and so on.
- Research Government Grants
You may be eligible for one or more government grants to help you purchase your first home. Before making any concrete decisions, it’d be wise to do your research. You should have an idea of your property goal, for instance do you want to live in a new house that’s never been lived in, do you want to buy land or build a house?
- Utilise Online Resources
Jumping around realestate.com.au you’ll notice the household budget calculators that are available, this is a good tool that can help you with budgeting. Be mindful that loan calculators on banking and finance websites are handy but should only be used as a general guide.
- Engage a Financial/Mortgage Broker
This process can seem daunting but there are services out there to assist you. You can engage either a financial or mortgage broker to provide you with expert advice on your borrowing options. Choosing the right one is essential as they will be doing the legwork and assisting you through the loan application process. Be sure to check your broker is licensed to legally operate, check to see if the person or company is licensed on the ATSIC’s online register.
- What do you need in a property?
Now you’ve done your research on budgeting, government grants and brokers it’s time to consider exactly what you need in a property. Consider where you want to live, what kind of house you want and what is within your price range.
Be sure to consider things like proximity to work, friends and family. Think about your lifestyle, do you want to be close to the beach, do you need to be near public transport, are you working from home and require a fast internet speed? Also consider practicality, is an apartment going to be big enough for you, do you have pets, do you need a garage and are you ok with only having street parking?
- Location
You could be happy with the home you buy but is the neighborhood noisy and the street full of cars? The community you live in will have more of an impact on your life than the house you end up choosing. Explore the neighborhoods you’re interested in, chat to the locals and get a feel for the area.
- House Size
Consider the size of the home you’re looking to purchase, think about the number of bedrooms you require or whether you need a big yard or a more low maintenance garden. Think about what you need now but also moving forward, maybe you’re planning to have a family one day.
- Choose the Right Land
If you’re going to build a home, ensure you choose land that will suit the design of the home you’re planning to build. Look at planning provisions or design guidelines that apply to your chosen lot.
- Choose the Right Builder
If you’re building your home, it’s important to find the right builder, do your research, seek recommendations from anyone you know that has built a home and compare the costs for your choices of builders.
The Master Builders Australia (MBA) and Housing Industry Association (HIA) train builders in sustainable practices. If building a sustainable home is important to you, choosing a builder who has had this training would be an excellent step towards reducing energy bills plus you’ll be helping the environment along the way!
- Maintaining a Home
Whether you’re buying an existing home or building a new one, maintaining your property is a task that requires constant attention. When choosing your first home, consider whether you can maintain the property. Things to stay on top of could be a garden, a pool, pressure cleaning, polishing any wood features like a deck, cleaning windows and so on.
The jobs can add up quickly and become stressful, so identifying them before you purchase your property and putting a plan in place to manage everything will make life a lot easier in the long-term.
- Get Ready to Buy Your First Home!
Once everything’s in order and you’ve done the planning and research, you’ll be ready to step into the housing market! The process can seem long winded and at times may be stressful, but the rewards will be worth it as you secure one of the most important assets of your life.
For more information on buying a home, get in touch with our friendly Burleigh-based team and we’d be happy to assist you!
