Buying your first house is one of those milestones that feels both completely thrilling and mildly terrifying. On one hand, you get to brag at your next family gathering that you’re buying a home, and on the other, you suddenly find yourself Googling things like ‘What does conveyancing mean’ at 2:00 AM.
Whether you’re teaming up with an experienced pro like an MGP real estate agent or navigating the process alone, you can make smart decisions that set you up for long-term success. These ten practical tips will help you to buy your first home with confidence and help you to put your best foot forward. So let’s walk you through it.
1. Know your budget
Know your budget, but actually really know your budget. Before you start browsing homes just to look, sit down and figure out exactly what it is you can afford. We’re not looking for the optimistic number in your head, but the real number after taxes, bills, groceries, car expenses, emergency fund savings, and the occasional splurge on things that make life bearable.
Talk to a mortgage broker or a lender early because they’ll help you to understand borrowing power, loan types, and what makes your repayments easy. This level of clarity makes it easier to avoid heartbreak when you fall in love with a home that is financially unsuitable for your wallet.
2. Get pre-approval before you house shop
Pre-approval is the golden ticket of home buying. It tells sellers that you’re serious and it gives you real confidence when making offers. Think of it as showing up to the theme park with a fastpass. You still have to queue for a little bit, but you move ahead of the people who haven’t got round to it.
Keep in mind, though, that pre-approval is not a guarantee. It can change if your financial situation changes. So hold off on buying a new car or making a career change until all the paperwork is complete and the purchase has gone through.
3. Decide on your non-negotiables versus your nice-to-haves
It’s very easy to get carried away imagining a home with a massive backyard, marble bathrooms, ocean views, and a pantry big enough to live in. Before you start house hunting, though, define your must-haves. Ask yourself how many bedrooms you actually need and where the commuting time is a big deal.
Are you OK with doing some renovations or is that a hard no? Do you want a house, townhouse, or apartment? Your must-have list keeps you focused and your nice-to-have list keeps you happy. Both matter.
4. Research the market like it’s your new hobby.
When you’re buying your first home, information is your best friend. Spend time studying recent sales, the local area, average rental yields, nearby developments and anything else that could impact future value. Visit other open homes, even if you’re not sure they’re the one.
Stalk the online listings, compare prices and look at how long properties stay on the market. The more you know, the stronger your decision-making becomes. It’s detective work without the trench coat.
5. Understand all the costs, because there are a lot of them
The purchase price is only the start. First-time buyers are often shocked by how many extra costs pop up like surprise guests at a party. Expenses like stamp duty, loan establishment costs, mortgage broker fees, insurance, building and pest inspections, conveyancing, moving costs, initial repairs and on it goes. Knowing these costs up front prevents the stress later and helps you to budget realistically.
6. Inspect the property properly
A house can look amazing in photos and even in person while hiding secrets like a leaky roof, mouldy corners or questionable wiring. Always get a professional building and pest inspection. It’s tempting to skip it to save money, but that decision can cost you thousands later on.
You also need to do your own due diligence here, like checking the water pressure, looking at the drainage around the house, testing the doors and windows and paying attention to noise levels. You’re not just buying a building, you’re buying a lifestyle.
7. Think long term
Your first home doesn’t have to be your forever home, but it should support your life for at least a few years. If you’re planning to start a family, work from home, or get a pet, you need to think about your future to see if the house will suit your future needs. You should also consider your resale value if you think you’ll need to move.
8. Don’t make an emotional decision
Falling in love with a house is easy and normal, but letting your heart outrun your wallet is dangerous. When you’re emotionally attached, you might overlook flaws, ignore your budget or make rushed offers. Before you commit, ask yourself, would you still want the house if you weren’t totally dazzled by the amazing kitchen island or the walk-in pantry? Stay grounded. Bring a practical friend to viewings.
9. Negotiate with confidence
You don’t have to be aggressive here, you just need to be informed, patient and be strategic. If the property is overpriced or has been on the market for a while, you might be able to negotiate a better price or more favourable terms.
Great negotiation comes from knowing comparable sales, understanding the motivations of the sellers and being prepared to walk away. And remember that the first offer is rarely the final one. There’s always room to talk.
10. Take your time, but not too much
You want to make a thoughtful decision, but you don’t want to panic at the first property that pops up. But also don’t wait so long that you miss the good opportunities. The market doesn’t stand still and wait for you, and sometimes the perfect home is only perfect for a short window. The trick is finding the sweet spot; informed, calm and ready to move when the right place appears.
I hope these tips will help you if you’re planning to buy your first home this year. Please let me know in the comments below if you’ve recently bought your first home – I’d love to hear how you got on with the buying process and please share any advice you have.
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