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Buying Your First Home? Read This First

Buying your first home is one of the most important and exciting steps you will take and you want to get it right. We all know there is more to the process than just picking out a house we like, but sometimes the details can become overwhelming. Making a checklist of key things to consider will help you remain grounded, focused, and closer to making your dream a reality.

Finance

To keep things moving forward it is important to begin by putting a realistic budget in place. This way, you will not be wasting time on a vision you simply cannot afford. Once you have gained a clearer idea of what you can spend, you can relax and start fine tuning the details.

Location

Most people have some idea of the kind of neighbourhood they would like to live in, but ask yourself how important a location is to your lifestyle.

If you have a stable workplace that is unlikely to change for some time, your commuting distance will be a consideration. Infrastructure around the neighbourhood will also be important. Think about your desired distance from parks and playgrounds, schools, shops, public transport, family and friends.

Spend some time visiting possible locations to learn more about the environment and the locals. Find out about the future of the area and any potential problems for the local community. Exploring areas rather than properties can help you to look past your house and make a more confident decision in the long term.

Make a list of the most important aspects about your location and be prepared to compromise if you must. Keep an open mind as many new developments have lots to offer and you may find like-minded souls are choosing a similar kind of lifestyle.

Dwelling

When deciding on the property itself, factor in the future as much as possible. Do you plan to live in the property yourself and for how long? Looking over the development plans will help you to work out whether these actions are possible.

Paperwork

If you are looking to borrow, many lenders will require a 20% deposit. However, some institutions will lend up to 95% of the total funds if you have someone who can act as your guarantor. If the lending process has you feeling confused, you may wish to engage a mortgage broker. The broker will take you through all your borrowing options and work with you to secure the best possible interest rate and borrowing conditions.

Engaging a Conveyancer or Solicitor

You will need to find a conveyancer to help you complete your purchase. While a solicitor can also perform the duty, a conveyancer is generally a little bit more specialised in their knowledge. They will help you to understand the sales contract and any details affecting the residence such as planning issues and usage permission.

Building Inspection

This is necessary before purchasing a property and must be undertaken by a licensed professional. They will assess the property for structural, electrical, plumbing and boundary issues.

First Home Buyers Grant

First home buyers are eligible for a government grant to help with the costs of their first home. There is also a NSW Home Builders Bonus available when building a new home, so consider these incentives when planning your first home purchase.

New Living Homes specialises in designing and building desirable homes at an affordable price in Sydney. We provide a range of home designs as well as house and land packages to make planning and buying your first home easy. To learn more about affordable properties throughout New South Wales, contact New Living Homes today on 1300 366 766 or Email Us.

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