It's a moment you will have thought about many times – that triumphant moment that you first put the key into the door of your very own home.
Without a doubt, securing your first home is one of the most exciting experiences you’ll ever have.
But the road to buying a first home is a long one. And despite what Uncle John or Cousin Jane may say – your choices should depend entirely on your own wants, needs and budget – not the preferences of others.
Budget is of course the most important consideration. But your Loan Originator can work with you to determine your purchasing capacity, based on a range of factors, including your deposit, existing commitments and income level.
Knowing your budget at the beginning of the process can save you disappointment later on; not to mention time looking at houses you simply cannot afford.
Once you know how much you have to spend, however, you’ll need to think what you want and where you want to buy.
Striking a balance between investment potential and personal needs is usually the best strategy.
You’ll also need to decide what kind of property will suit you best. Do you want a house in town or a house in the country with some acreage? And what’s most important to you in a home? Make a list of features that you couldn’t live without and those which you would like but which aren’t indispensable. For example, perhaps you have allergies to carpet, or maybe you would prefer to avoid a large place with lots of upkeep.
Don’t forget to think about your future plans and goals as well – even if they seem remote at this point. Ask yourself, how long you would like to live in the property and what needs do you require it to meet?
Importantly, be prepared to compromise. As a first home buyer, your options are usually going to be limited. So, set your budget, think about what you need and hit the real estate pavement with an open mind!