First homebuyer? 5 things you need to know
First homebuyers, this one’s for you.
There are lots of things you need to think about when buying your first home and we know how stressful it can feel having so many different things to consider. To make your life a little easier, we’ve broken it down into 5 things you should know before taking the big step.
1. Set your goals
Set yourself up for success by setting your goals. Ask yourself; why do I want to buy a home? Depending on whether you want to live in it or use it as an investment property, your answer will help shape the home, location and even the type of loan you apply for.
If you’re ready to get out of renting or living with your parents and move into a home of your own, then you’ll need to factor in what’s important to you, for example; living close to a quality school for your kids (or future kids), a dog park, living near the freeway or transport links, having a spare room for guests – these all become important attributes for the home you build and location you choose.
Or, if you’re considering an investment property, your focus might lean towards features that adds to its income potential, like checking out the local demand for rentals, vacancy rates, potential rental income, and so on.
Whatever your goal is, our expert team of New Homes Consultants are here to help you find the best fit for you.
2. Start researching
Now that you’ve locked in your new home goals, let the research begin. To really scope everything out, the best research you can do is to get online and head out to display villages to get a feel for the type of home you’d like to build and location you want to live in. Plus, there’s our Home Collective building display centre, located in the heart of Leederville, which has everything you need under one roof, and could be another great place to start your research.
Don’t worry if you’re not sure where to start, our New Homes Consultants will be there to guide you every step of the way to help you find your perfect block of land, and home design to go with it.
3. Keep the future in mind
Something you may not have considered is what your future plans look like. Your long-term plans can really shape the decisions you make for the home you build.
You could be thinking of having kids, getting that dog (or cat) you’ve always wanted, planning to start an at-home business, or looking to start small to get into the housing market before building something bigger later on; these future plans can all play a factor in the home design you choose, the location you live in and the size of the block of land you purchase.
4. Other potential costs to consider
Depending on the specific property and location, there can be some additional costs involved which can impact your overall budget. Some of these costs could include, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance, lenders mortgage insurance and more. Good news is if you’re a first homebuyer, you could eligible for certain concessions and Government grants which can make getting into the market a lot easier and more affordable.
At Homebuyers Centre, we have an in-house finance team, Resolve Finance, who can guide you through the entire home loan process and talk through the different home loan options available, making it as seamless and stress-free as possible.
5. Get first home ready
There are a lot of things to consider to get first home finance ready, like figuring out what your budget is, understanding interest rates, types of home loans, low deposit options, which lender you should go with, if you’re eligible for any Government schemes. Thinking about it could make your head spin.
That’s why our in-house finance experts at Resolve Finance are here to help you. Even if you’re a little short on savings or need to reduce debt, Resolve Finance can help with My Home Plan, a personalised home ownership strategy that will help you get into your first home sooner.
We’re all about finance, land, home in the one place, and we’re here to make your journey easy…and a little bit fun. Plus, our team will be with you every step of the way.
We’re ready when you are
For over 30 years, we’ve been helping first homebuyers like you make their dreams of homeownership come true and we’re committed to making the journey an easy one.
So, when you’re first home ready, we’re ready too. Chat to our friendly team today.