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First-Time Homebuyer’s Guide: Tips To Keep In Mind

Buying your own home for the first time is exciting but it is a stressful process and you need to prepare for it adequately. There are many things you don’t know as a first-timer which is why the scope for mistakes and making bad decisions is high. Also, if you don’t connect with the right people, you can remain unaware of many things that make the process easier and more economical. 

Thus, arm yourself with knowledge by reading this first-time homebuyer’s guide that outlines useful tips by residential property experts in Australia. Have a look.

Know Your Requirement

You should know what type of house or unit you want to invest in before starting the whole process. The property markets in Australia have a variety of residential properties such as single-family homes, townhouses, apartments, duplexes and more. Look for a home that will satisfy your needs and desires and would be an excellent asset in the future too.  

Prepare Your Budget

Analyse your income and savings as you plan to buy a new home to know what your budget is and look for properties accordingly. You can hire an experienced accountant to define your net worth and calculate costs of loans, liabilities, stamp duty, registrations, etc.

Once your budget is set, you can proceed to contact reputed real estate companies or check online platforms for buying and selling a property in Australia.

Choose A Location

Since purchasing a home is a long-term commitment you have to ensure the location chosen for the property is where you want to live for years, raise a family etc. Usually, it is common for people to buy a home in the city or region where they grew up but you should consider all possibilities. Following should be your main goals when selecting a location to buy a home.

Find an area that is a catchment zone for good schools so that your kids have the best education system available.

Good public transport system and connectivity to other areas so that you and your family can move around with ease.

Safe and secure areas with a low crime rate so that you know your kids are growing up in a safe environment.

Look for a place that has modern amenities, hospitals, shopping centres, retail shops, parks, restaurants, cafes etc.

Check Eligibility for First Home Owner Grant

On 1st July 2000, the First Home Owner Grant (FHOG) scheme was launched by the Government of Australia. The national scheme is funded by the states and territories that manage it under their laws. This scheme is effective to offset the GST’s effect on home ownership.

If you are eligible under the scheme then you can acquire a one-off grant. To know more, check the First Home website for information on the same.     

Hire Professional Property Valuers

To the accurate and actual price of the house, apartment, land and any other residential property you want to buy, don’t hesitate to take the assistance of a licenced and certified property valuer in Australia. The expert will analyse the property, its location, and other aspects to properly evaluate its price and give you the correct estimate of the property.

Usually, real estate agents quote a property price that is a lot higher than the actual cost. They are biased and keep a significant commission margin. But, when you hire professional property valuation services, you can learn the right and fair price of any type of residential house or unit.     

Always Visit and Inspect The Properties

During the shortlisting process, make sure you can physically visit the properties to get a better idea of their structural integrity, design, spaciousness, and other things. You can also learn a lot about the neighbourhood, connectivity and secureness of the area where the property is located.

You always inspect properties before you buy for defective leaks, repair work or any other problems the seller hasn’t listed. If possible take someone along with you who has property inspection experience so they know what questions to ask and what to look for.

Be Prepared To Close

When you find a good property at a suitable location and know it doesn’t have any problems, close the deal as soon as possible before someone else buys it. Take professional help to manage the paperwork and start making arrangements for ownership transfer.     

The Bottom Line

Buying a new home for the first time is a challenging process but when it has been completed, the excitement is unparalleled. During the process, you can make mistakes or remain unaware of important things. Therefore, make sure to follow the tips shared in the guide above and make informed decisions and always contact the property valuation experts to help you further. You will be able to buy a beautiful home in Australia and stay in a great place.

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