You want to buy your first home, but when is the right time to take the plunge?
The time has come. You have your deposit, you’ve decided on your dream suburb, you know the type of house you want - you are ready to buy your first home! But when should you take that almighty plunge?
From my own experience, I can say that there is never the ‘perfect time’ to buy your first home. There will always be personal, family, financial or career obstacles to overcome. But what I can say is that you will not regret it. It’s worth the wait, the effort and worth taking your time to ensure that your first home is your dream one.
To help you along on this super exciting and sometimes a little daunting experience, in collaboration with Stockland, I have put together my top seven tips to help you take that leap of faith and become a home owner!
Money, the least fun item that we will address, but it’s the kicker isn’t it! And my biggest tip is making sure that you have shopped around for the best mortgage out there. It’s so important to do your homework. It is 100% worth exploring your options for the biggest purchase you will ever make in your lifetime. I know that the thought of changing banks is daunting – but take it from me, it’s achievable. We have moved our mortgage to a new bank before and yes it was a lot of work, but totally worth it for the savings we made. After all, more money in your own pocket it always a good idea.
There are always other costs involved when buying property, the sale amount is not the only cost you are up for, so ensure that you are aware of every single additional cost that may be coming your way and factor that into your budgeting! Even moving house can be super expensive – so take into consideration things such as stamp duty costs, mortgage insurance, conveyancing fees and more.
Are you eligible to receive a first home owners grant or any government concessions? This varies in each state, so be sure to do your homework to know what you are entitled to. Imagine how good getting a little helping hand would be, not to mention the boost to the budget!
Have you ever considered buying a brand new home? In some cases, buying a new home means that you are less likely to have unexpected costs and outlays, like things breaking down when you move in. You won’t need to replace old and faulty fittings or update any paint work or carpet. Lots of little fixes can end up costing a lot and a new home is not only brand new with zero wear and tear, but there may also be builder’s warranties to provide you with extra comfort.
Is building an option for you? If you are ready to buy but you’ve been looking and looking and still can’t find the perfect house in the perfect suburb, maybe looking for a piece of land and building your perfect home yourself is a great alternative? Buying a piece of land, or buying a completed home or townhome in a new Stockland community can open your eyes to things you have never even considered. It also means you have more choice in terms of a home design and layout that will best suit your family’s needs.
Have you researched your dream suburb? If you are planning on a specific suburb to be the location of your ‘forever’ home, you need to think long term. There are a lot of factors to consider when choosing where you want to live – inner city versus the suburbs, are you happy to compromise on house/land size to live close to the city, is having a big backyard important to you, do you have kids, and if so, what are the schools like, what will your work commute be like, is there sufficient public transport? Do your research!
Sometimes expanding your suburb search area will bring up new and exciting places you had never considered living. New communities in fast-developing areas are popping up everywhere and are great for growing families. They generally offer exciting new facilities such as parks, schools and shopping centres - as well as a host of potential friends who are at a similar stage of life.