Buying your first home can be an exciting but, at the same time, overwhelming challenge. There are several points that first time buyers should consider, but a lot of these buyers don’t even know what they are. However, understanding and researching the following points will ensure that you find a home that meets your requirements and your finances.
#1: Property Value
The cost of the property is the first point that you want to consider. You need to find out the cost of the other homes in the area to determine if you are paying too much. There are several websites that you can check to see what the housing costs are for a particular area, such as www.rpdata.com.au.
2: Affordability & Budgeting
Secondly, you need to know what you can afford to spend. A lot of first home buyers have their heart set on a house only to realise later that it is outside their budget. To avoid disappointment, you should use a gage calculator to determine what you can afford. What you see with the calculator will tell you the maximum that you can afford to spend.calculator to determine what you can afford. What you see with the calculator will tell you the maximum that you can afford to spend.
#3: Costs
Another point to consider is the additional costs that come with owning a house. You should think about the taxes you will have to pay and how much the insurance is going to cost you.
Insurance is determined by the value of the house and the area that it is in. There are several online tools that you can use to help you calculate these additional costs, starting with your own insurance company website.
Also, when you buy a house, you are responsible for the closing costs. These costs are also dependent on the area you are in and your realtor. The upfront costs of settling into a new home are included in these costs.
So, you need to calculate how much all of this is going to cost you. It makes no sense to get a mortgage for a house and spend all of your money to pay it off and struggle to pay for everything else. You need to take an objective look at your monthly budget and decide if the cost of a house can be covered.
#4: Market
The housing market is another point that first home buyers need to take into consideration. Talking to an agent will help you to decide if this is the right time to make an investment in a new house. Housing prices could fall in the near future and a realtor should be able to tell you this.
When you do find a house that you want to buy you should look at it very carefully. Take into consideration the costs of maintaining the house and keeping it liveable. Check for cracks in the plaster, tiles and the roofing and the plumbing, both critical areas to consider. Problems with these two areas can cost you a lot of money down the road.
You have to consider a lot of points when you are buying a house for the first time. You want to make sure you are getting the best price and that it is in your budget. You also need to consider the additional costs involved in owning a house.
The experts at Indigo Homes can help you to realise your dreams so contact us today. We have display homes and house and land packages available in Queensland’s Brisbane, Gold Coast and Sunshine Coast areas.
