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-time home buyers.
WHAT TO WATCH OUT FOR
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 facts 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
First Home Owner Grant
The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, a one-off grant is payable to first home owners who satisfy all the eligibility criteria.
For a more detailed look, CLICK HERE: https://www.firsthome.gov.au/
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 