There is so much information available for first home buyers. Maybe even too much! The hard part can be working out what is relevant and how to create a plan that suits you! We’ve broken it down to 4 simple tips that do the job and will have you on your new home journey with confidence.
Confirm your budget
You need to crunch the numbers and work out your individual financial position. Not only should you focus on what you need as a deposit but also how you will cope with the weekly repayments with your other liabilities, income and lifestyle requirements. Going into the process with a firm budget in mind will enable you to have confidence from the beginning and ensure you can control the budget-creep that you will be faced with.
First home buyers have a lot to gain by seeking advice, and we don’t mean by listening to your parents and friends, but rather professional advice. Make an appointment with your current bank and discuss funding options. In addition, make it known you are a first home buyer when you meet builders, they can then make sure they give you the correct information and also the latest
Do the research
Your first home, well any home, is a milestone investment in life, which means putting in the time to research all the options and information available. Start a file to collect all the information along the way, making sure you add notes as you go. With so much information it can all blend together if you don’t.
Set some goals
While many of your friends are probably also first home buyers, it’s important that you create some goals and a plan that suits your individual needs. Getting their feedback is valuable, but only you will know your financial situation and personal goals. While affordability is important, so is making sure your plans can evolve as your family grows, interest rates change, career moves and more. Also, don’t get too caught up with your first home being your ‘forever-home’ as it most likely will just be your stepping stone in the home ownership journey.