Things First-Time Homebuyers Need to Know


Some sources will broadly claim that it is exciting to be a first-time homebuyer while others will say that it is positively nerve-racking. The truth is that you can easily claim that purchasing a new home entails both of these feelings at once. In Australia, you have to be at least 18 years of age, a permanent citizen and commit to a purchase on your own name (not a company or other establishment) in order to be eligible for the First Home Owner Grant. There are numerous facts and parameters that you simply have to familiarize yourself with in order to stay on top of this game, so here are things first-time homebuyers need to know.

The broad strokes for first-time buyers

However, when it comes to the Land Down Under, research that has been accrued in urban hotspots like Sydney, Melbourne, Brisbane, Perth and Adelaide, the typical age of first-time homebuyers is 32. They usually do fulfill conditions for a number of accreditations and grants and about two thirds of them are couples, ready to settle down with a family. The encouraging results of the research have also shown that about 89% of the homebuyers are perfectly satisfied with their current home.

You should begin your search on the internet, of course. This is our primary and the most efficient tool to assemble a comprehensible body of research, and typing a few simple words into the search bar will yield countless useful results. Just don’t forget to add “Australia” as one of those words, possibly along with the city where you plan to settle, in order to get specific information that is relevant to you. Start with nifty virtual tours and online listings, but before anything catches your eye you should probably consider hiring a professional that can help you sift through all the digital noise. 

Professionals will pave the way for you

If there is a product, there are vocal traders ready to vend it with all their might. Expert help in real estate is not hard to find but it is much harder to find real estate agents and mortgage brokers with a consistently good reputation. Check out the reviews of the professionals that you plan to hire and don’t even consider those who do not have a digital track record. This should narrow your search down significantly.

However, you cannot rely on your agent’s savvy alone to determine whether the house suits your particular set of requirements. When it comes to certain technical matters, you can turn to the finest geotechnical consultants from Brisbane for their invaluable assessment and improvement of a house when it comes to matters such as hygiene, chemical maters, environmental hazards, and technical services. A trust of engineers and scientists who are completely dedicated to the art of building will leave you with a house which is specifically tailored to you and your family’s needs.

Mistakes you should avoid

Real estate is a minefield of mistakes and avoiding all of them is a feat of a crafty individual, especially if this is the first time you are contemplating a home purchase. It can be so easy to become enamored with a house that will entice you to aim for the maximum loan amount, but this can be a terrible mistake - overreaching will put you at a risk of losing the house, so concentrate on the range of households that fall into the prerequisites of monthly payments that you can manage.

While it is perfectly normal to find a house that you like in a span of several days, extend your search to at least two weeks - this is the average time period for the decision of first-time homebuyers. A few months can be a reasonable timeframe if you are not in a hurry, but a few years is overstretching it. In addition, talk to numerous lenders and always ask for second opinions. A good lender will check out credit reports during the pre-approval stage, so it would be absolutely amazing if your track record with credit is spanking clean. This may broaden your options. Finally, the tragic flaw of many a first-time homebuyer is an unhealthy fixation on a specific neighborhood and, even worse, a specific street. Do not involve irrational emotional factors into the equation, or the house-search will turn into absolute torture for you (primarily) and all the people that are trying to help you.

If you are fixated on the appearance and location of a home exclusively, you have not been paying attention. The act of purchasing a new home comes with a cavalcade of overlapping factors that all tally up to form the most reasonable result. Matters such as contemporary real estate conditions, your financial situation, credit possibilities, your agent’s savvy and a selection of the sellable objects - factors such as these all contribute to the final result. 


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