Purchasing your first home can be one of the biggest achievements of your life, but buyers need to make sure all avenues are covered before signing the papers to make a place your home. Viva Property hopes the following tips can assist you in reaching your dreams as a first time buyer.
Looking at the upfront costs
Saving for your first home purchase is not just saving for a deposit, there are many other fees that you may come across which you may not have been aware of. This could include loan fees, applications fees, government fees and legal costs. Before you purchase your first home, look over your budget to make sure you can cover all the upfront costs.
Ongoing costs as well
Celebrating your first home purchase will be an amazing feeling, but then you will need to plan for the ongoing fees going forward in your budget. The main two additional costs will be the loan repayments as well as the interest charges. In addition, other costs could include council rates, utility bills, maintenance and building/contents insurance.
Knowing how much you can spend
After budgeting for your first home purchase, you will need to know how much you can spend. You may need to seek loans from family or/and friends to fulfill the amount you need. This will be one of the biggest buys in your life, so you need to be certain that the best loan options for you are considered.
Finance pre-approval
Seeking financial pre-approval from your lender could save you from potential troubles that lie ahead. For example, getting pre-approval for a loan from a bank, allows you to know just how much you can spend come purchase time. Furthermore, it will stop you from putting in a bid at auction or submitting a price on a property up for private sale, that you might not be able to afford and risk losing your deposit.
What assistance is available
For many first home buyers, it can be a difficult task to reach the target they need to start out on their property journey. Buyers who are in this situation should investigate government financial assistance programs that can help them to reach their dreams. Look out for options such as first home buyer grants, stamp duty concessions and other similar schemes.
Researching a location
Location! Location! Location! This could be the vital decision you will make during the process of purchasing your first home. Points of interest that could be important to a buyer are having multiple school options close by, home values, and different modes of transport within the surrounding area. We recommend chatting to our sales agents to assist you with choosing the perfect first home location.
Viva Property hopes the tips above are a helpful starting point to get you discussing your first home purchase. If you need any more assistance, please don’t hesitate to contact one of our sales agents.
Zeno Kobica - 0402 000 497 - zenok@vivaproperty.com.au
Shea Lamont - 0450 540 143 - sheal@vivaproperty.com.au