Are you ready to buy your first home?
Are you on the verge of entering the deep and profound world that is the real estate market? If you’re a first home buyer, it can be a daunting time – even the most seasoned of investors often admit to a flurry of nerves.
The property industry is now the biggest contributor to our nation’s worth
According to research commissioned by the Property Council of Australia, the property industry is now the biggest contributor to our nation’s worth, nearly doubling in value over the last decade alone!
This means it has surpassed other stalwarts like mining and health, to supply over $182.5 billion to Australia’s GDP. So, it’s clear that there are many people purchasing real estate in Australia, but are you ready? Here are a few tips to get you started:
Do your due diligence on where…
The Australian Securities and Investments Commission stresses the importance of hitting the books and the pavement to ensure that you’re fully aware of what it is you want. You should designate an area where you would like to live, then make it your goal to find out everything about it.
While you won’t necessarily need to be able to quote its history over the last century ad verbatim, it’s a good idea to be fully aware of its median price, proximity to amenities and any scheduled developments that could affect the affect the quality of living.
If the area is too expensive, don’t be afraid to expand your search, as property for sale that is further out from city centres can often be better value for money.
If you are able to identify exactly what it is you want, it will make it much easier to find as you can significantly narrow your search filter.
Do you not know what you want? Consumer Affairs Victoria has a simple solution. Go to as many open homes for sale as possible and determine what features you do and don’t like.
For example, how many bedrooms, the size of the outdoor area, the age of the home and what kind of neighbours you would like.
How much can I borrow?
When it comes to home loans, before you make any financial commitments to property for sale, it’s a good idea to see your mortgage broker to seek pre-approval.
These are normally obligation-free and can offer a plethora of benefits, mainly due to knowing your exact limit. According to ANZ, the advantages can include:
- Restraining you from spending more money than you actually have
- Helping you discount any homes from your search that are above your price range
- Giving you more confidence and power in negotiations
If you would like to know more, you can speak with a professional like your local real estate agent at Ray White to give you insights on the whole process.