Buying a new home involves a lot of big decisions. Despite this, it’s a super exciting time for anyone. But, if you’re a first home buyer or building your first home, it can be a super daunting task.
So, if you’re looking to build or buy a brand-new home, but don’t know where to start, here are some things you need to know:
- Get your loan together
Yes, an obvious tip, but a crucial one. After all, you can’t buy a house without money. Make sure this is all sorted before you begin looking at options, so you have realistic expectations about what you can afford to spend. You don’t want to fall in love with a gorgeous house way out of your price range. And, on the flip side of that, you don’t want to limit yourself to a budget way under what you can actually afford.
- Research grants
If you’re a buyer looking for a new first home in Victoria, there are a number of grants you may be eligible for, including the First Home Owners Grant. This grant offers up to $20,000 (dependent on where you choose to live) to help first home buyers make their purchase. Plus, you may be eligible for extra assistance to help minimise stamp duty as well.
- Pick who you work with carefully
Buying a house for the first time is a big step and you want to minimise any risks as much as possible. Ensuring you pick people you trust to work with can make a huge difference and put your mind at ease. Get recommendations and do your research before settling on a broker, financial advisor, and building inspector as the right one can make the process so much smoother.
- Figure out what you want vs what you can actually afford
It doesn’t take a genius to figure out that given the housing crisis at the moment, your first home is probably not going to be your dream home. But that’s okay. Figuring out a happy medium between what you want and what can afford is essential to managing your expectations and building your excitement.
If you do happen to have a little extra cash to splash, a custom home builder could be a good option for you. A custom home builder will allow you to have input in the design, helping you to create a home you love and can afford.
- Location, location, location
Location is such a major part of any home, and each suburb (and street) has its own benefits and drawbacks. Plus, location can have a massive impact on the price of your home, so it’s certainly an important consideration. Again, it’s about finding a happy medium between what you can afford and what you want.
Some additional food for thought: for first home buyers, the First Home Owners Grant within Melbourne is only $10,000, whereas the grant for a home in regional Victoria is double that.
- Research your builder
So, you’ve figured out where you’re going to live, but now you need to pick a builder. Whether you’re thinking about buying a house and land package or going with a custom builder, you need to make sure your new home builder is reliable.
Ask your friends and family who they built with and if they had any issues. Need more advice? Put the question out to local Facebook groups. When you are about to splurge on a house, you want as much reassurance as possible that you picked the right builder.