Considerations and Money Saving Tips When Buying Your First Home in Australia
Yes, it’s true that buying your first home can be confusing, stressful, even frightening. With the current housing situation in Australia, you might be thinking of just giving up and just continue renting. However, there are ways that you can do to improve your odds of making a successful choice.
You simply need to ensure that your first-time as a homebuyer is done through careful consideration of what you want and the ways to accomplish it, from location to finally turning the key to your home. Sydney house and land, specifically in Jordan Springs, Bingara Gorge, Calderwood Valley, The New Rouse Hill, etc. are all good communities to start searching for your first home as properties in these prime areas are newly built and are most likely to get higher future value.
Location plays one of the biggest roles in decision making. Australia is a huge continent! All locations have their pros and cons, yet all are beautiful and unique in their own right. Find a home in a community that’s well positioned to the things you value the most, such as work, easy transport, beach, schools, parks, malls, your parents, and family, etc.
Here’s a quick checklist that you can use as reference:
- What part of Australia do you want to buy your property?
- How much are you willing to pay?
- Do you want a house, a townhouse, or an apartment?
- Do you wish to live in the suburbs, the country, or the inner city where the action is?
- How many bedrooms do you or your family needs?
- How many rooms in the house do you want?
- Do you want a garden? How big?
- Will the property accommodate you changing needs over time?
- Do you prefer a modern or old residence?
- Will you want to extend or renovate in the future?
- How close do you want the property to be to facilities such as parks, schools, childcare, beaches, malls, hospitals, restaurants, shops,
After establishing your list and finding a few properties that fit your preferences, it’s advisable to visit them several times at different times of the day. This is done to establish the mood and condition of the house under different lighting and to determine a whole range of other concerns, such as:
- Are the neighbors loud? Are they friendly to people in general?
- Are the streetlights working?
- Are there any stray animals in the vicinity?
- Do groups of people hang near the property?
It can be helpful to ask why the sellers are moving, but also keep in mind that you may not always get an honest answer.
Some Practical Money Saving Tips
Every bit counts when saving. A good saving strategy is like a marathon, where it doesn’t matter much what you do in the short term as long as you finish the race. Continue saving and committing yourself to it and you’ll eventually save enough for your own home.
- Create a savings and budget strategy.
- Start as early as possible. Compound interest is your friend to help build up your savings.
- If you’re renting, get out of the rented premises and move back with your parents for a while (if that’s an option).
- Sacrifice eat outs, movie night outs, and other recreational activities for now.
- Pay off debts. You can’t save if you’re paying loans.
- Save at least 20 percent of the purchase price to avoid lender’s mortgage insurance.
There you have it. By understanding your homebuying preferences and starting a budget and savings plan, you’ll be nearer your ultimate goal – home ownership.