Buying your very first home is an exciting proposition but it’s a major investment too. You need to be completely sure that you’re making the right choices when you’re spending this much money in one go. But how can you be sure of what you’re doing when you’ve never bought property in Australia before? Well, our handy guide for first time home buyers is a great place to start. In it, you’ll find lots of useful tips on what to do and what not to do when buying your first home.
10 top tips for First Time Home Buyers in Western Australia
Whether you’re dead set on buying an apartment in the centre of Perth or you’re mainly interested in suburban house and land packages in Western Australia, the following tips will help you to focus on the most important points to consider before signing on the dotted line.
- Take Advantage of All Government Incentives – There are a variety of government grants and rebates available to property buyers in Western Australia, including the First Home Owner Grant (FHOG). The FHOG is a one-off payment of $10,000 that can be put toward the cost of buying or building your very first home in WA. Make sure you take advantage of this and any other grants for which you may be eligible.
- Choose Your Builder Carefully – Whether you are going to buy a spec home or commission a developer to build a new home to a design of your own choosing, you need to make sure that you select a reputable builder. There are many good residential home builders in WA so this should not be a difficult task if you do your homework beforehand. It’s a good idea to focus on well-established companies that specialise in building homes for first-time buyers.
- Consider All Your Costs Carefully – It’s very easy to forget some of the costs involved in a new property purchase if it’s your very first one so make sure you factor in all the fees you’ll have to pay. One of the advantages of house and land packages in WA is that they are often all-inclusive, which means you can be certain you haven’t forgotten anything important. Landscaping, fully painted interiors and flooring are usually included in these packages.
- Focus on the Location First – You may be tempted to spend most of your time considering the features you would like in your new home, such as en suite bathrooms, a balcony and an integral garage. However, the location of your new home will be the single biggest factor that decides whether it is really right for you or not. No matter how beautiful a new home may be, if it is too far from your work or your children’s schools, it is unlikely to be the best choice for you and your family.
- Evaluate Your Home Loan Options Thoroughly – The terms of your home loan will play a big part in determining the overall cost of your new property so make sure you pay attention to all the details when evaluating your options. Some residential home builders in Perth and other areas will help you to obtain competitive finance for your purchase: if you want to save time and money, it’s well worth thinking about having your first home built by one of these companies.
- Consider the Future – Don’t just consider your current situation when shopping for a new home as your circumstance could change dramatically in the future. Make sure that the home you buy is going to meet your needs in 5 or 10 years, not just right now. You should also consider the future of the location in which your new home is located. Are there any proposed developments in the area that could positively or negatively affect the value of your property?
- Make Sure You Set a Realistic Schedule – If you need to move into your new home within 6 months, you will want to focus on spec homes that have already been built. House and land packages in WA can save you a lot of time and money so if you want to complete your move within a reasonable timeframe, they are probably your best option as far as brand new properties are concerned.
- Concentrate on New Properties – If you want to take advantage of the FHOG, you will need to concentrate your property search on newly-built homes in the areas that are of interest to you; the grant is not available for older properties. With a brand new property, you also get to choose the interior décor and other features before you move in, which will save you a lot of hassle and expense as you won’t have to redecorate or renovate.
- Decide on a Budget and Stick to It – If you wait until you start looking at property deals in your area, you may find yourself spending more than you can really afford. The best approach is to calculate your monthly income and expenditure in advance and decide on a budget for your new home that you are sure you can afford. That way, if you see a house that looks great but is well over your budget, you can avoid the temptation of overspending by not putting it on your shortlist.
- Double Check Everything – Don’t gloss over any details or make any hasty decisions. Make sure the residential home builders you choose have an excellent reputation, ensure that your finance package is competitive and don’t forget to apply for every grant and incentive for which you may be eligible. This is a very important purchase and it shouldn’t be hurried.
If you would like any more advice on buying your first home or you’re interested in finding out more about house and land packages in WA, please don’t hesitate to call during business hours or to use the contact form on our website to request a call from a member of our team at a convenient time.