Buying a home is an exhilarating yet nerve-wracking experience. There is a lot that goes into making the decision to buy; many hours of research and turning up for property inspections.
When you’re buying your first home it can seem even more stressful as it ‘ a completely new experience. To better prepare you for this journey, here are five facts that first home buyers need to know.
Important facts first home buyers need to know
You need to start saving now. Most people will need a 20% deposit in order to purchase a home. Depending on the value of the home you’re looking at, this can mean saving a very large sum of money. That’s why it’s important to start a savings plan as soon as possible, as it can take several years to build up that kind of money. This will ensure you can buy that new home in Brisbane that you’ve always wanted.
There could be large up-front costs. Be aware that buying a home is not a cheap endeavour, and there could be a number of large upfront costs. Depending on the deposit that you’ve got saved, you may have to take out mortgage lenders insurance, which can run in to the thousands of dollars. There could also be stamp duty or GST, depending on the type of property you’re purchasing. Also consider that you’ll have legal costs associated with the contracts, and that you’ll have to fork out for moving costs to get yourself settled in too.
Home loans will vary, so make sure to shop around. Consumers are spoilt for choice when it comes to home loan packages. There are a wide variety of products available, designed to suit almost all needs, so make sure to do your research and find the product that suits your specific situation.
The difference between a new and existing home. This is an important decision to make: will you buy a new home, or an established property? Indigo Homes has a fantastic range of home designs for Queensland living. By deciding to purchase a new home, you have the opportunity to select one that is right for you, one that complements your lifestyle, and that has been architecturally designed. You also have the option of selecting a house and land package that will give you complete control over your dream home.
Apply for first home buyers grant early. Another benefit of purchasing a new home is the ability to access the first home buyers grant. The best time to apply for this is when you’re applying for your home loan, and it can be done through most lenders. Processing times vary, but if you lodge it through your lender it will most likely be approved by settlement, or if you’re building a home, by the time the first payment is due to be made by the lender.
If you’re just getting started in the property market, keep in mind these five facts and you’ll be better prepared for whatever comes your way.
Start searching for your dream property today! Get in contact with us at Indigo Homes and one of our friendly staff will be more than happy to assist.
