Looking to buy your first home? Read this

Buying a first home is an exciting, major milestone taken by many Australians.

It’s incredibly easy to enter the process wearing rose-coloured glasses and naivety, but as with anything, preparation is key to ensure you know what you’re getting yourself into.

This guide aims to display what can be expected and what you can do to get the best deal and avoid buyers regret at a later date.

Are you looking to buy your first home?

Read this savvy how-to guide on how to get it right, the first time, compiled by Perth real estate agency, Thought Leaders Real Estate.

Purchase within your means

Despite popular belief, your first home doesn’t have to be your ‘forever home.’ If it meets your needs now and 30 years down the track, well then that’s just an attractive bonus.

Buying a first home should be a joyous experience, not one that financially burdens you straight off the mark, and down the line.

First-time homebuyers who stick to a realistic budget are far less likely to experience regret.

How to ensure this?

Understand your current and expected incomings and outgoings

Never go above your firm budget price when making an offer.

Understand your buying objectives

Are you buying to get one foot on the property ladder? What do you plan to do with the property (i.e., do it up, rent it out in a few years, hold on to it until the value goes up)?

Know why you are buying and the envisaged length of time you plan to live in and own it.

Know the full costs

Buying a property, especially a first property, is likely the largest expense and greatest asset many Australians will ever own in their life.

That’s why it’s crucial to know the true cost of buying your first home. Hint: it’s not just a 10% deposit of the purchase price.

Don’t forget to factor in the following:

Lenders Mortgage Insurance (LMI) if applicable

Solicitors/conveyancing fees

Stamp duty

Building and pest reports

This doesn’t even include all the furniture and white goods, crockery, linen and the like if this is your first time moving out of the home.

Seek the services of professionals

A mortgage broker and/or lender can help you apply for pre-approval. This will give you the confidence needed to secure the right property and act fast.

Likewise, letting your intentions be known to your local Perth real estate agency can unlock unseen advantages. We can help you find a property that meets your needs, sometimes even before they go live to everyone else!

We can also help you navigate the first homeowner concessions that may be available to you.

Thought Leaders Real Estate is here to help you find and buy your first home.

Buying a first home opens up a new chapter in your life. Let us help you with your search.

Are you on the hunt to buy your first home?

Contact Thought Leaders Real Estate today. We’ll help you finetune your search, providing you with the properties that meet your wish list.