Buying your first home is a big deal; it takes research, planning and a great support network.
But even when you’ve moved in and survived your first broken wine glass, there might be some things you wished you had done differently.
That’s why we’ve asked ten home owners who have been through it all, what advice they have for other first home buyers.
- I wish we had spent more time in the new neighbourhood to get a feel for it. Walk around the new ’burb, grab a coffee, sit in a park, maybe even make the drive to and from work to see how long your commute will be. Spend time in the area, not just when inspections are held but in the morning, at night on the weekends. If you get a good vibe then it’s the place for you.
- Resist buying new furniture. It’s exciting to move into your new house but that doesn’t mean you need to deck it out with new things and put yourself in more debt straight away!
- I wish I had bought sooner, rather than frittered away money in my teens and twenties I could have been saving towards my deposit and got into the property market sooner. My advice is to start thinking about it younger and get into the market as soon as you can.
- I wish we had focussed on the area, not the house. The house can change but the suburb can’t. The saying buy the worst house in the best street is right!
- Get a building inspection! We did and managed to negotiate thousands off the price of the house due to the issue the inspector raised.
- Make extra repayments rights from the start so that you set up good habits. If your account has a redraw option you can still access those funds in an emergency but it also sets you up for success if interest rates rise.
- Make sure you have home and contents insurance right from the beginning. As soon as settlement takes place that house is your responsibility so make sure you’re ready for it and have a great insurance policy to help protect you if anything goes wrong.
- I wish I hadn’t been too proud to ask my parents to go guarantor. If I had done it earlier I would have gotten into the market that much sooner.
- Make sure you look into the orientation of your house. Where the morning and afternoon sun hits might affect your heating and cooling costs.
- Before you buy, use a loan repayment calculator to see what you will be paying for you monthly mortgage repayments and start putting that amount aside now to make sure you can realistically meet your repayments every month.
Are you in the market to buy a new home? Take a look at our buying a house journey, or chat to us! We can help you every step of the way.