8 first home buyer fundamentals
Emily shared her top tips for first home buyers - check it out.
If you’re a first home buyer it can feel a bit daunting stepping out there to get the process started. You don’t know what you don’t know! But never fear - Emily shared her top first home buyer fundamental tips on my millennial property to equip you to get the ball rolling - check out her episode and points below:
#1. You’re not supposed to know everything
Now’s the time to get educated! Listen to podcasts like my millennial property, chat with property professionals, read online - finally figure out what all that weird property terminology means and gain some info. You’ll definitely use it (and need it)!
#2. Be careful with who you listen to or lean on
Your parents may have bought property 30 years ago, but today's markets move fast and look totally different. Listen to property professionals who know what’s happening right now, have the correct info you need and maybe bring a trusted close friend or sibling into your plans. But love you mum and dad, kisses x
#3. Determine your goals
Figure out if you are buying for the short or long term. Will you be here for 5 years before upsizing or moving, or will you live here for the next 20 years? This will determine what you’re looking for and the decisions you make along the way.
#4. Get a great mortgage broker + conveyancer
A mortgage broker will determine your lending capacity (the amount a bank will lend you), loan serviceability (the repayments and interest you are able to pay on your loan given your income), and the deposit size (the first big pile of cash you offer to buy a property). Book in to see a mortgage broker before your deposit savings target is reached.
Likewise, an amazing conveyancer will be in your corner when you snag a property and need to sort out contracts, and do some checks on the property before signing anything. Don’t sign anything until a conveyancer says you’re good to go!
#5. Get to know what’s happening out there.
While you save your deposit, start monitoring your desired property market online - get a sense for what’s happening around you. What are properties selling for? What features are in hot demand? How does that align with your goals? Think through how you could put an offer forward to be at the front of the pack.
#6. Do some sneaky checks on your desired property/street/area.
Check out Facebook groups for the area to get a sense for what happens on the ground - there’s a lot of community groups that represent residents within a certain area. Get a sense for the people who live there by seeing how they interact! Check out what your potential neighbours are like - knock on their door and say hi! Or check out your desired street after hours - is someone blasting AC/DC every night until late? You may not want to move next door. If you’re looking into a strata managed property, contact the strata group and ask them what maintenance is upcoming so you know what you might have to fork out if you moved in - nothing like paying for a new roof you didn’t see coming!
#7. Select very carefully who you take with you to open homes
Bring someone to open homes who has your best interests at heart, and respects and understands your goals. Don’t bring someone who’s going to talk you out of every property you’re genuinely interested in, despite them wanting the best for you. Bring someone who’s good at being impartial and considering the facts, so you can make an informed decision with the right kind of support.
#8. Be prepared for the costs aside from the deposit
This one often goes under the radar! Everyone focuses on the deposit, but how will you pay to replace that carpeting before you move in? Or that hot water unit that’s definitely about to blow, and probably will right after you move in? There’s always some maintenance, furniture or removal costs involved in purchasing, so build up a cash buffer so you’re prepared for those additional costs.
Also check out this blog about how you can save a home deposit faster!
If you want to get educated further, check out Emily’s first home buying course! It could be exactly what you need to feel equipped for the road ahead.
