Our Top 3 Tips for First Home Buyers
As exciting as it is to buy your first home, it can also be a pretty daunting task! Here are a few tips to help you in your decision to become a home owner.
Explore government assistance
The First Home Owner Grant is a national scheme that can assist you with the purchase of your first home. The grant has geographically determined caps on the total value of the home, residence requirements and eligibility criteria for applicants, so be sure to explore your options to make the most of this government incentive.
Do your own research
In this digital age you can find out (nearly) everything you want to know about your future suburb, from median property prices to the impact of interest rates.
To ensure you buy something you love, things to consider include:
- The distance from loved ones and work.
- Price growth potential in the suburb or surrounding areas.
- Proposed developments in the area.
- Property prices in surrounding suburbs.
These handy bits of information can be easy to find with a quick search online and can help you confidently make a decision about your future investment.
Location, location, location!
Think about what matters most to you. Do you want to be close to major roads, public transport and schools? Or do you have more of a focus on living in a culturally diverse neighbourhood that’s filled with shopping or entertainment hubs? Always do your fieldwork first to make sure the suburb is right for you.
You don’t have to spend the whole day in the area, just grab a coffee or a meal and you’ll soon be able to get a feel for the place. It might be a little different once you move in, but visiting the location will be sure to give you peace of mind.