As the property market gets harder and harder to crack every year, first time home buyers are the ones that need the most help. Cost-of-living pressures and sharp increases in interest rates are just the tip of the iceberg when it comes to challenges faced by first home buyers. It may sound negative, but there is light at the end of the tunnel. It will take some savvy saving and a fair amount of research, but if you follow our tips for first time home buyers, you will be just fine.
For expert first time home buyers advice, work with a house buying agent. At Setlr, we make buying a home easy; get in touch today via our online contact form, call on 1300 1SETLR, or send an email to hello@setlr.com.au.
The Best Tips for First Time Home Buyers
We have established that buying your first home won’t be easy, so here is the first time home buyers advice you must know to get ahead.
Do Your Research
Understanding the property market inside and out will greatly advantage you as a first-time home buyer. Learn the lingo, stay across recent sales, and get to know local real estate agents. While you can learn a lot via the internet, getting first time home buyers advice from a professional buyer’s agent will help to reduce stress and land a better deal when you finally buy.
Get a Home Loan Pre-Approval
Getting a pre-approval will give you a realistic idea of your borrowing power. A pre-approval is a formal indicator from a lender that they are likely to approve you for a loan. When you get a pre-approval, you will more accurately be able to browse homes within your price range and even submit offers and bids. This can be very exciting but also helps you realise what is out of your range. Don’t be discouraged; your journey begins here.
Speak to the Professionals
At every stage of the home buying process, there will be many different parties involved. Whether it’s a conveyancer, mortgage broker, or financial planner, speaking with these people will help you understand the process. Working with a buyer’s agent will take it a step further, as they help you find the perfect property, negotiate terms, and liaise with the aforementioned professional on your behalf.
Leverage Government Assistance
One of the best tips for first time home buyers is to take advantage of government assistance. There are a number of government schemes that are in place to help you own property sooner. You should start by reading up on and checking your eligibility for the Queensland Government’s First Home Owners’ Grant and the Australian Government’s Help to Buy Scheme.
Set Realistic Expectations
While you are sure to already have an ideal suburb and property type in mind, it is important that set realistic expectations for your first home. Your expectations should never be bigger than the size of your budget to avoid chasing the unachievable. Consulting with a buyers agent will help you better understand the limitations of your budget and which of your non-negotiables you should prioritise and which you need to be flexible on.
Inspect the Property
If a property seems too good for the price, it probably is. The last thing you want when spending lots of money on your first home is for the property to be in poor condition. That’s why it’s worth investing in a building and pest inspection. While it is a little bit out of pocket, it could save you from buying a possibly unsafe and unliveable house.
Understanding All the Costs
What catches a lot of first-time home buyers out are all the additional costs beyond just the price of the home. These include stamp duty, legal fees, building and pest inspections, moving costs, and any potential renovations that need to be performed. A buyers agent will help you be prepared ahead of time to make the smartest offer based on the projected costs, ensuring you secure your ideal property for the best terms.
Get Into Your First Home with Setlr
Work with the buyer’s agent Brisbane trusts and turn these tips for first time home buyers into your first home purchase. At Setlr, we make the process of buying a property as smooth as possible, no matter if it’s your first home or another addition to your investment portfolio. Let us handle the hard work for you. Get in touch today via our online contact form, call on 1300 1SETLR, or email hello@setlr.com.au.