One of the greatest joys you can experience is buying your first home. It brings a great sense of independence and excitement. After all, this is the beginning of a new stage of your life, as well as the marking of a huge accomplishment.
Of course, buying property is not an easy process. Especially without guidance from appropriate sources. While every situation is different, here in this blog we present 5 tips that could help you start your journey on the right foot.
1. Know your home’s value
When you are buying a home, it is important to know its market value. This is where the services of property valuers come in. They can conduct a home valuation of the property you are looking to buy. This includes a thorough investigation of all the qualities and features that add value to the house. It also discloses details of factors that decrease the property’s value, for example, structural issues, a high crime rate or a lack of essential infrastructure.
A valuation is more than just an informative report. It is a tool that can be used when you are finalising the sale price of a property. The data in a pre-purchase valuation report can help you negotiate for a price that is more in line with a house’s current market value.
2. Know your eligibility
In Queensland, there are many concessions and grants that a first-time homebuyer may be eligible for. It can be a great missed opportunity if you do not claim all that you are eligible for. Buying a home is quite costly in Australia, which is why the Government has introduced assistance. There are two initiatives you need to be aware of:
- Queensland First Home Owner’s Grant: If your first home is valued under $750,000 then you may be eligible for $15,000 to assist you with buying or building your new home.
- First Home Concession: This is a concession on the transfer duty that is paid to the Queensland Revenue Office. This is a property tax that is incurred when you acquire real estate, which includes buying your first home.
3. Do not be misled by display homes
You can never be 100% certain about the quality of a home building company by only looking at their display homes. This is where they will always put their best foot forward. It is not a guarantee of the quality of the work they provide for their clients.
Ask if you can inspect a move-in-ready home that is currently vacant or a home that is under construction. This is a better indication of what you can expect from your future home should you hire them. Be sure to check the quality of materials as well as the craftsmanship.
4. Do not make any decisions impulsively
Most are no stranger to the temptation of an impulse buy. They can be as small as a treat from the store to something larger like a new expensive set of headphones. When it comes to real estate, the purchase is too large to be simply made on impulse. It is a huge financial decision and as such, the last thing you want to experience is buyer’s remorse.
If the situation allows, take your time, and do some extra research. Look into the area and see if it has the amenities you’re used to or need. Is it an easy commute to work, family, and friends? Would you have to make any large sacrifices moving to this suburb?
Unlike with renting, if something is not quite the right fit, you could move once your lease is up. It is a much more involved and stressful process if you are unsatisfied with your purchase and need to move.
5. Be prepared
There is a lot of information available online, which can help you prepare for buying property. Participating in an auction as soon as you have decided that you want to buy property is not recommended. Do your research and find out what you need in terms of funding, location, and the home itself.
If you have never had the experience of living outside of your parents’ home before, then you should examine the average expenses of a person who is first moving out. Preparation and learning as much as you can beforehand can go a long way.
For more guidance about buying a home or having a pre-purchase valuation, our valuation specialists are happy to help. Contact us today.