With so many things to consider when buying your first home, it’s easy to get overwhelmed with the whole process. True, you have to think about a lot of factors but don’t let it discourage you. Buying a house is a big step, and since it entails a lot of time, effort, and money, it’s better to get it right. Here are 10 things to consider

  • Know your current financial situation. It’s great if you already have enough knowledge of how much comes in, your spending habits, and how much you can save each month. If you’re buying a house with your partner, you also need to know their financial situation.

  • Know the market. The ever-growing real estate industry covers a lot of aspects and if you don’t understand it, you may not get the best deal. Talk to experts or read the latest articles about the real estate in the area where you want to buy a house.

  • Consider hiring an agent. If you feel like it’s too much to handle, you can hire a buyer’s agent who will help you in negotiating purchase terms.

  • Don’t take everything at face value. Even if you seek advice and guidance from people who are experts in buying a home, it is still important to do your own research.

  • Know what you want in a house. With so many choices available, it’s time-consuming and physically-exhausting if you don’t know what matters most to you. Do you prefer a house that is close to public transport? To leave the hustle and bustle of city life?

  • Always ask for a pest, strata or building report. Assuming that you have found a house you like, make sure to check the building report before it’s too late.

  • Check the surrounding area. Know the neighbourhood. Talk to the locals and see what life is like in the area. You may get some insights that can make the decision-making process much easier.

  • Know the benefits that you are eligible for. There are usually great discounts and rebates that first home buyers can take advantage of. These include government grants, lender rebates, and concessions on stamp duty.

  • Learn how to negotiate. If you don’t have good negotiation skills then hiring an agent will be helpful. It’s a skill that will help you find the right property for you.

  • Seek legal advice. Before buying your first home, make sure to hire a legal professional who will check your contract and ensure that you’ll get what you’ll pay for.