First Home Buyer Information
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So you’ve decided to buy. There are a number of things to consider to ensure you make the right choice.
Think about your lifestyle
How you live day-to-day, your plans for the future and your budget will determine the home you buy
Will you need more or less room in the future? Is it important that you live close to family, work, parks, cafes and other recreational facilities?
Consider how far you are prepared to live from schools and shops and if there is good access to transport.
How much can you afford to repay
Saving as much as you can for your deposit will reduce the amount of interest you have to pay
When working out your loan, figure out your expenses now, work out your potential mortgage repayments and associated costs (like council rates and water rates) and look realistically at whether your pay cheque can cover it all comfortably
Know exactly what your repayments and associated costs will be before plunging in.
Have realistic expectations
Just getting into the housing market is a great step,so don’t worry if you can’t afford your dream home the first time you buy. Very few people buy just one home in their lifetime.
Research the property and surrounds before making an offer
How much did the home sell for last time it sold? What alterations have been made? What’s the zoning of the land?
Check with the council to see if there are any major developments planned in the vicinity, like a highway or shopping centre that could impact on your enjoyment and the value of the property. Keep an eye on the local papers to get a feel for the issues in the area.
The Real Estate website has useful information on buying property.