Buying a home is an ambition for almost everyone, but it can feel daunting when you are just starting to think about it. There is a lot to try and understand, not to mention the massive cost of almost any home, so where do you start?
1. Consider areas where housing is cheaper
If you start looking into property prices around the country, you might be amazed at the variety of prices that you could expect to pay for similar properties around the country. It really is all about location. While it may not be possible for you to move out of a major city, but don’t marry yourself to one suburb for emotional reasons without looking around and considering every option. You’ll also be better off buying in a high-growth area rather than one that is already matured.
2. Explore the grants and aid you may be eligible for
Many people know about the first home owners grant, which is a fantastic tool to make your first home more affordable, but it is not the only tool you have at your disposal. Depending on your state, you may also be eligible for a discount on your stamp duty, or a subsidy to help you install solar power, meaning you’ll save big on your power bills over the long-term. Do your research or speak to a professional to ensure that you get every dollar that you’re eligible for.
3. Be realistic about the costs of owning a home
Owning real estate is an excellent investment, but it can also be surprisingly expensive. If you are utilizing finance options, make sure you understand the reality of your mortgage, and what it’ll cost you in the long-term. Even low-interest rates will cost in the long-term, so be realistic about that. Additionally, make sure you understand any work that needs to be done on the house, either immediately or down the track. Remember that any maintenance or other costs will be entirely your responsibility once you own the home.
If you want to learn more about investing in property with your first home, get in touch with the team at Living Property. Our real estate buyers agents can help you get the best home at a great price, and be confident about your choice throughout the process.