Forrestfield 
How to choose your first home
You have looked at the dream homes with swimming pools, separate studies and sweeping views but now that it’s time to buy a home of your own, how do you find a place that’s suitable?
Here is some helpful advice to open the door for first home buyers:
- Stay within budget
How much can you afford to spend and borrow? What will the bank lend you, and what will your monthly repayments be? With these questions answered, you will have a realistic starting point to hunt down your new home.
Once your budget is established, you can rule out properties that are out of your reach. You’ll avoid the frustration of getting excited over your dream place, only to realise it is well outside what you can afford.
If you’re ready to buy a home, you should have an idea of your household budget and know how much you can commit to a mortgage each month. Then you can visit a mortgage broker to find out how much this will allow you to borrow.
- Be flexible
You will probably have to compromise to find your first home.
For example, your decision may come down to the dream home vs the dream location. The most desirable areas are always more expensive, so you can expect to lose a lot of added extras. Give yourself some flexibility and you might find your perfect home is only two or three suburbs over. There could also be an area that suits your needs that you are yet to discover and explore, so keep an open mind.
Flexibility may also involve purchasing a townhouse or apartment instead of a freestanding home. If you buy strategically and the property increases in value, you’ll be able to sell it and have more money to put towards your ideal place.
- Look for potential
Your first home is unlikely to be your perfect home. If you buy a home with potential, you can fix it up over time and make it more suitable, or you can renovate to sell.
Make the most of this strategy by searching for properties in areas where prices are tipped to rise. A renovation project will add value as well as improving your living standards.
- Be realistic
Don’t bite off more than you can chew. Keep aware of your repayments and how long it will be before you pay off your mortgage. Falling behind on mortgage repayments will make life difficult and it’s not a situation you want to find yourself in.
The same goes for renovations. Don’t buy a fixer-upper that can barely be lived in if you don’t have the funds, the expertise or the time to work on it.
- Balance head and heart
You have to keep your heart happy while still using your head. It’s easy to make an impulsive purchase when you buy your first home. Buying with only your heart can (ironically) end in heartbreak.
Use your head when you buy. Get a building inspection before you confirm your offer so you know you are getting a quality building, not just a great looking one.
- Get help
The final tip for first home buyers is to get personalised advice. Find a quality real estate agent, tell them your budget and your hopes, then listen to what they have to say. You may find they already have the perfect place on their books.
With a little groundwork and the right people on your team, you’ll find a way into a highly suitable first home.
