First-Time Property Buying Guide: Tips You Need to Know

Becoming a homeowner in this day and age seems like a distant dream, and many Aussies even believe it’s unattainable. Not only is it incredibly difficult to get enough funds to even consider buying a property, but once you actually get the money, you are facing a completely new set of obstacles. If you’re buying a property for the first time – congratulations! You're about to make one of the biggest and most important steps in life. We’ve put together a list of useful tips to keep in mind so that your purchase would go as smoothly as possible.

Mind your budget

First things first – you have to know how much money you’ll be able to put aside for the property. Careful budgeting is what is going to pave the way towards finding your ideal first property (be it land, an apartment, or perhaps a house). You should also keep in mind that your current financial situation might not last, and in a few years, you can find yourself earning more or less than you do at the moment since businesses all over Australia are closing down and changing the way they are operating daily. Deposit is essential, but you shouldn’t forget that monthly mortgage payments are not something to be taken lightly, and you should be realistic and see what you can afford.

Be patient when looking for the right property

Just as you have to consider your financial situation carefully, you need to know what kind of property you are looking for. A nice flat in a good community in Perth, a big and spacious house in the Sydney suburbs, or a plot of land by the ocean where you can build something – all of these things are completely different, and it can be hard finding the perfect one. Talk to agents who specialize in strata management in Sydney because they will be able to find you great deals as they have access to many different deals. Working with professionals is always a good idea because there are many people who are specialized in finding the perfect property for their clients.

Check if you can get a good loan

While people understand that a home loan is not to be taken out lightly, but unless you have hundreds of thousands sitting in your bank account, you are going to need one. Fortunately, banks are giving out home loans to people, but different banks have specific albeit different requirements you need to fulfill before you are deemed eligible for one. It would be best to apply for a loan early on, so that you know what your options are before you make your final decision. Even if your chances of getting one are not particularly good at the moment, there are steps you can take to improve your situation and improve your loan eligibility.

Open houses are a blessing

Looking at photos of apartments and houses online is fun (not to mention very convenient), but seeing the property in person is a whole other deal. Touring open house is a great way to take a closer look at the place you’re interested in, see for yourself the state the property is in, and get to know the neighborhood a bit better too. Open house tours allow you to see the overall state of the house, check out the heating and air conditioning systems, and even take a closer look at piping. If you’re seeing the place at the same time as someone else, feel free to arrange another visit, and go back at a different time of day – it will allow you to ask questions privately.

Look at the bigger picture

If you’re currently single and living alone, you’ll probably be interested in smaller properties, but you need to look at the bigger picture. If you’re planning to start a family in the future, it would be a good idea to buy a larger home now than later. It's easier to grow into a home than it is to relocate an entire family to a new one down the road. It’s important to keep your future plans, needs and wants in mind because it will help you find the place that’s going to be perfect for you and your family and suit all your needs.

Let's face it – buying a property is a big deal, and there are many things you have to keep in mind, but if you take things slow, there’s no reason to be anxious. Sometimes it’s a good idea to ask a professional to help you make the best decision, but the most important thing is to trust your gut and be prepared. Your first property can be the best starting point for other future investments.