The experience of buying a property for the first time can be both thrilling and overwhelming. First time home buyers lack the experience and the understanding of how the real estate market works. If you want to buy a property but have no idea where to start, then Professionals Real Estate is here to help.
Owning a home is like a dream come true for many. And if that house is exactly like you always wanted it, the feeling of joy is indescribable. At Professionals, our aim is to make your first your dream home too.
Considerations for a first time home buyer
When you look at long term returns, real estate investment tops the list. When looking to buy a home as an investment and also for dwelling, here is what first time home buyers should keep in mind.
- Type of home you need
The first thing to consider is the type of home you need. Whether you want an apartment, a town home for a small family or a large villa with luxurious amenities, you need to make a choice based on your needs, preferences, lifestyle and most importantly, your budget.
- Specific features in your ideal home
It is important to know what you want in a home before investing in one. Make a list of amenities, features and other aspects of a home you want before you go to see properties. That will make it easier to filter out the properties you see.
- Know your budget
Knowing how much you can invest into a property, without negatively impacting your lifestyle, is among the most important things you must consider before taking the plunge. Review your credit score and also how much you can invest from your own pocket as down payment. After that, talk to banks and mortgage lenders to know your eligibility and the maximum loan amount you can get. Your affordability is another factor that will help you filter out the shortlisted properties.
- Home as an investment
The home you buy is also an investment that can offer great returns in the future. Buying a home today will pay off well in the long run, provided you make the right choices. Among the things you should consider include the area or region where you are purchasing the property, the net worth of the asset, the appreciation of land value and depreciation of the property.
- Government Grants
Depending on the state in which you live and which you want to buy, there may be grants or assistance provided by the Australian Government for first home buyers.
These tips and a little bit of help from our team at the Professionals Real Estate and you will be ready to become a proud owner of your first home.