How to choose your first home
Knowing what you want in your first home will make the whole process so much easier!! Here are some questions to ask yourself as you get ready to buy your first home.
Here are my top tips!!
What sort of property do you want live in?
House: Standalone
Unit: Apartment that typically has strata title and is attached to other apartments.
Townhouse: Semi-detached home sharing a common wall with the house next to it.
New Build on Vacant Land: You can choose and build your own home.
What do you need in the property?
Built-in robes? Somewhere to work from home? Extra rooms for your parents to come and stay? Also, take into consideration where you are working now (that might change) and how close it is to the things that you like doing. Where you spend time and the people you spend time with, or the transport that gets you there.
The worst house in the best street.
This is everyone’s theory on what to buy – not helpful if you don’t know what it is. Generally the further out you go the lower the price but with all the post covid work from home opportunities, some outer and rural areas have skyrocketed in price at the moment.
Affordability is a key concern and in this environment (August 2022) when rates are rising there has also been reports on property values also going through an adjustment, and some areas dropping in overall value. This may mean that apartments in that area are down but houses are up. As mortgage brokers, we have access to property and suburb reports that can help clarify these questions.
Renovation Challenge
If you buy the worst house t may need a bit of work, this means you will need to allow more to cover these costs. The downside would be the costs of renovations, but the upside might be the value they add to the property.
Build or off the plan
Buying a property that has been designed already but before it is built (or during the build) and paying a deposit only is buying off the plan. This can be great as you will get a new home but the downside is that you can’t look inside before it’s built and it can take a long time to build.
Buying land and building a house are slightly different as you will be drawing on your loan all the way along. Normally you chose the land and then organise a builder to design the home.
Whatever you decide we are here to help you on your home buying journey so have a look at The First Home Buyers Club for more hints and tips, and when you are ready get in touch with Elodie Blamey