First Home Buyers Guide: What You Need To Know 2023

Purchasing your first home may be a thrilling and intimidating process. Because of the size of the investment, extensive planning and preparation are necessary. Before you enter the real estate market as a first-time buyer, there are a few things you should be aware of. We’ll walk you through the key factors in this blog article to make the process of purchasing your first home as easy as possible and include valuable tools like financial calculators, real estate contacts & MORE!

Establish a Budget
Establishing your budget is the first step in purchasing your first house. Using your income, expenses, and any outstanding obligations, you may determine how much you can borrow by taking into account all of these factors. When determining how much to lend, your lender will also take into account things including your credit history, job situation, and savings.

This budget planner from MoneySmart is a good place to start for a basic understanding of your income vs. expenses.

Using a mortgage broker

Understand Your Options

First-time homebuyers have a variety of alternatives, including buying an existing home, building a new home, or buying off-the-plan. Before choosing one course of action over another, it is critical to comprehend the benefits and drawbacks of each.

Purchasing an existing house may be a more cost-effective choice with the opportunity to increase value through repairs or renovations. Although it can be more expensive, building a new home allows you to design a space that is specific to your needs and preferences. Off-the-plan purchases can provide the chance to secure a property at a lesser cost, but they also carry the risk of delays or alterations to the development.

Study the Market
The process of purchasing a home must include market research on real estate. It’s critical to comprehend the state of the market and the current trends in the field you’re interested in. This might give you an idea of the kinds of houses that are available in your price range and assist you in deciding whether it is a good time to buy.

You can get started by doing online research, going to open houses, and talking to local real estate brokers. This will give you a better idea of the price range for properties in the area you want to live in.

Does inflation impact real estate prices?

Get Pre-Approved
Getting pre-approval from your lender is a good idea before you start looking for a home. Giving the lender information about your finances will enable them to estimate how much you can borrow. Your property search may become more focused with pre-approval, and you may feel more confident when submitting an offer.

Loan Repayment Types

Mortgage Calculator

Seek Professional Advice

The process of purchasing your first home can be difficult, so it’s crucial to get expert guidance at every stage. Speaking with a financial counsellor, mortgage broker, and real estate agent all fall under this category. Throughout the purchasing process, they may offer you advice and assistance and ensure that you make well-informed choices.

Purchasing your first house is a momentous achievement, but it’s crucial to take the time to consider your selections and comprehend the procedure. You can start enjoying your new house and make the process as easy as possible by following these instructions.

Start House Hunting!

Time for the exciting part! It’s time to look at houses, attend open homes and hopefully put an offer down!

Gold Coast houses for sale

No matter where you’re at in your home buying journey, we are here to help. Reach out to our team or contact us today.