Being a first home buyer is an extremely exciting milestone, whether it be an investment or a home. With all the excitement, it’s easy to forget certain things, or to leap to decisions without enough thought.
Here, we go through the 5 most important tips for first home buyers:
Start saving! It takes approximately 4 years to save a 20% deposit for a couple with a joint income. Creating and sticking to a budget is the way to go to avoid throwing away your cash. Easier said than done, but if you have a clear goal on why you’re saving and what you want to buy, cutting back becomes that much more enticing.
- Do your research
Don’t always believe what people tell you! The market is full of property sharks trying to make a fortune out of you, so it’s important to keep well informed. Seek out trustworthy, professional advice and try to attend workshops and seminars if you get the chance.
- Use protection
It’s something that young first home buyers often fail to think of or just ignore…INSURANCE. If you’re planning on buying your first property you should definitely invest in life insurance and loan protection. Always seek advice when purchasing insurance.
- Apply for the Great Start Grant
The Great Start Grant was established by the Queensland Government to help first homeowners purchase their new home. If you’re buying a brand new dwelling that has not been previously occupied as a place of residence or sold as one, then you may be eligible for the $15k grant. This can also include substantially renovated homes. Check to see if you’re eligible and apply.
- Don’t rush
Slow and steady wins the race, remember to take the time to check everything over and do your research. If you’re ever unsure don’t feel pressured to just secure a buy. Buying too quickly into the market can be problematic so don’t be afraid to be sceptical.
If you need further advice or have any questions please call us on 07 3210 3437.