You have decided you are going all in, buying your first home. Congratulations! This is a monumental step in your life, and we are so happy for you! As exciting as this time is, looking for (and hopefully finding!) your forever home is a stressful journey. There are just so many things to consider!
We help first homeowners settle into the space of their own sooner. We’ve been doing it for years, and it’s our specialty we would say! So much so we consider ourselves property matchmakers. Let us get to know you, and we can set you up with the blind house date of your dreams!
We’ve correlated some of the advice we give to our first home buyers to give you Considerations For a First Home.
What is your budget?
If you want to turn your homeownership dream into a reality, you need to establish a clear budget. There is simply no other way you can ensure you will save enough to own a home one day!
By prioritising what you spend your money on and cutting what isn’t essential, you can plan and predict your way into owning your first home. Track even your day-to-day spending to see what percentage of your income can go directly into a savings account.
And before you even think of cutting the keys for your first home in WA, pay off that credit card debt. With current interest rates, the sooner, the better.
Are you borrowing money?
After seeing how much you can afford, it’s now time to crunch the numbers and see what the bank will let you borrow. Make sure to discuss with any partners how much you are comfortable repaying each month, and don’t be afraid to reach out to someone with experience in the industry.
We help first-time homeowners secure houses in Perth and make sure they consider all financial elements. Don’t be afraid to reach out for some help!
Give our Home Finance Calculator a shot to determine how much you can afford to borrow.
Are you eligible for a Government Grant?
As a first homeowner, you are eligible for Government Grants to help pay for your first home. For West Australians, first homeowners qualify for the WA First Home Buyers Grant of $10,000 (plus stamp duty concessions). Check to see if you fit the criteria.
Keep in mind, two people buying a house together are only eligible for one grant. Funding is also not available for the purchase of renovations to a pre-existing or established home.
Is it the location right for you?
You are spoilt for choice with house and land packages in Perth. But just because it’s available doesn’t mean it’s the right property for you.
Here is an essential checklist to help narrow down which location you will be settling down in:
- What accommodation type right for you? (house, apartment or villa)
- What schools and colleges are nearby?
- What matters most to you? Do you want to be close to the beach, nature reserves, CBD, airport etc?
- What is the commute like?
- Is there enough public transport?
- Are there essential amenities and services nearby?
- What is the price for house and land packages in that area?
- What do locals have to say about the suburb?
These first-home considerations will get you started on narrowing down your options. Are you looking for some more guidance for finding your first home? Give one of our Property Advisors a call on (08) 9202 9292 today for more information. Let’s get you moving into a space of your own!