Buying your first home can be one of the most exciting and daunting experiences. There’s plenty to look forward to, from looking at houses online to doing drive-bys in prospective neighbourhoods. After the initial excitement of deciding to take the plunge, what comes next?
To help you understand what to expect as you make your way from house-hunt to moving day, we have put together a guide on what to look out for and point you in the right direction regarding what concessions and assistance are currently on offer for first home buyers.
Emotion – The excitement of buying your first home can often get in the way of rational thinking, so this is a hard one. Your first home will probably not be your forever home, so think of it more as an introduction to the property market and a stepping stone in your real estate journey … and try to make the decision based on fact rather than feels.
Background check – A building and pest inspection is an absolute must, and in the case of units and apartments, a thorough search and check on the strata report is necessary. This can avoid any nasty surprises later.
Cost – The cost of the home is not the only figure to be aware of. Stamp duty, conveyancing costs, legal fees, body corporate costs, maintenance, moving costs, insurances, rates, mortgage fees … not to scare you off but all of these need to be factored in.
Finance pre-approval – Have this done well ahead of time to know how much you can afford to spend on the property and minimise any risk of overextending.
Contract – Take the time to properly look at and get professional advice on the sale contract.
What’s on offer:
To qualify as a first home buyer, you must be purchasing the first home you or your spouse have owned or co-owned in Australia, although there are some exceptions.
You must also move into the property within 12 months and live there for at least six continuous months.
You must be:
– an Australian citizen or a permanent resident of Australia
– at least 18 years old.
For a more detailed look at what first home buyer incentives are available in NSW, CLICK HERE: https://www.mcgrath.com.au/advice/articles/what-first-home-buyer-incentives-are-available-in-nsw-in-2021
To help you find the property that makes your dream of homeownership become a reality, talk to us at Team Etchells – we are always here to assist you wherever possible.
Donna Etchells - McGrath Estate Agents 