Buying your first home is always a hot topic in Australia. Often thought to be out of reach for many, however this is not always the case.
Making smart decisions with your savings and the type of property you purchase, finding the right mortgage, and seeking to use the incentives made available by the State Government, you can finally get out of the rental cycle and find a location to call your very own.
Our First Home Buyer’s checklist is your step-by-step guide from that first dollar saved to settlement day and everything in between. Everyone’s journey is different, but being informed and ensuring you are making the right decisions along the way can make years of difference when you are finally handed the keys to your very first home.
Born and bred in South Australia, The Ouwens Casserly Group is responsible for over 1000 residential and development real estate Adelaide sales per year.
Plan For Your First Home (Not Just Your Dream Home!)
First, you need to know what you’re looking for. What features are a must, what can you live without? It’s important to focus on the things you can’t change – location and budget. Remember, your first home probably won’t be your last home!
Discover Which Grants You Can Access
Do you know if your are eligible for the First Home Owner’s Grant? And what about any Off-The-Plan Concessions that might be available? The government and local councils can offer incentives to help you into your first home, complementing your savings and helping to reduce the size of your mortgage and upfront costs.
Understand Your Mortgage
Saving a deposit is important, and the first step towards securing your dream home. The next step is your mortgage. Take your time shopping around. Discover your best options. Make sure you do the research. Seek out a mortgage broker for expert independent advice. Before you start looking for your first home, get pre-approved so when you find the home you love, you are in a position to make a serious offer that fits within your budget.
You know what you want in your house, but have you ever researched what sort of land title will suit you best? Learn about the opportunities of purchasing an older home, or the ease of newer, move-in-ready locations. Find out about the difference between apartment living, townhouses, units and stand-alone dwellings. Learn about the council rates in the area. Be informed.
Seek Legal Advice
Have a conveyancer (or even a lawyer) at the ready to provide advice on contracts., what your rights and obligations are as a purchaser, and guide you through the house-purchasing process.
Get To Know The Steps To Purchase
When you make an offer, what happens? Could your offer be beaten by another purchaser? What are your rights during the cooling off period? What are your obligations under the contract terms? These are important things to keep in mind to ensure that purchasing your dream home can be a streamlined process, as opposed to a drawn out drama.
Be Prepared For Additional Costs
When you buy your first home, you can also expect to pay:
- Stamp duty & transfer fees
- Conveyancing fees
- Registration fees
- Connection of your utilities like gas, electricity and internet
You’ll need to ensure they’re in your budget, otherwise, you may get stung with a nasty surprise or two.
As real estate experts and industry leaders in South Australia, our team at Ouwens Casserly Projects are here to guide you through the stages of getting into your first home.
We love helping turn your dreams into reality. We strive to ensure that you’re getting the best possible experience while you’re on the house hunt.
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