Buying your first home can be daunting –– not only is it your first entry into the cutthroat real estate market, but it also involves a substantial sum of money. The effort you put into buying is well worth it when you finally have a house to call your own. There are plenty of considerations when buying your first home, especially if you want to make decisions that turn you into a super-smart first homebuyer.
Ensure a Price Tag that's Affordable
Buying a real estate property that matches your income level is your biggest priority. Create a price target for your first home based on your current income and stick to it as closely as possible. Keep in mind that buying a home that's too expensive for your budget means that you will end up overextending yourself –– and you can get into heaps of trouble when you can't afford to pay back your house loan. Shop around and streamline your search for homes that match your price expectations.
While your first home certainly may not be your last, you'll want to think about living in it for the foreseeable future. Since you're likely to be in the house for a few years, you'll want to make a decision to match your long-term goals. For example, a one-bedroom apartment is suitable for a couple, but if you're planning on having kids, you may need to consider a larger home. Most first homebuyers are young couples with growing families, so space is likely to be higher up on the list of priorities than fancy fixtures.
Choose a Sensible Location
With the median house price in Australia hovering around $660,000, buying a home in the heart of the city simply may not be feasible for first homebuyers, but that doesn't mean you choose an impractical location. You must look for stable neighbourhoods with lifestyles that match your expectations. For example, if you're a sports enthusiast, you may want to choose a neighbourhood with sporting facilities. If you have small kids, you'll want to be close to good schools and local amenities. You'll also want a convenient commute to work. Consider every factor involved in your life before choosing a location.
Look for Well Maintained Homes
The past maintenance of the real estate property will have a bearing on your expenses in the future, so be sure to look for homes that have been well maintained. For example, signs of peeling paint may not bother you because you have a plan to re-paint the home. But peeling paint could be a sign of internal leaks –– this could cost you tens of thousands of dollars in the future. It's worth paying a few hundred dollars for a property inspection report to ensure that your house is well maintained before you make an offer.
Follow these winning real estate strategies to become the smartest first homebuyer ever.Share