What do savvy first home buyers do before they purchase a property?
Follow these steps to ensure that your first property purchase is a good one – one that you will benefit from for many years to come.
by Katherine Skinner (Director, National Property Buyers, Adelaide)
It’s important to get your “foot in the door” when it comes to buying your first home, but you also want to ensure that you are making a smart buying decision. A decision that will safeguard you against all the risks involved in buying property.
1. What type of property can you afford?
Be realistic about what you can afford. Get your foot in the door and onto the property ladder, but also realise that your “first” home probably won’t be your “dream” home. Your first home can lead to your dream home in the future though – if you purchase wisely.
2. Research areas you’d like to live.
Research, research, research……
Consider all the suburbs and areas you’d like to live in, and then consider some more.
- Walk the streets to get a feel for each location – at different times of day and different days of the week.
- Online research is also crucial. How has each suburb performed in terms of capital growth recently?
- Also consider whether an area has a high concentration of owner occupiers. An area with a high vacancy rate won’t be ideal if you should turn your first property into an investment at some time down the track.
3. Work with professionals.
It’s absolutely vital to build a strong team of experts around you. A good mortgage broker and buyer’s agent have incredible knowledge and experience, so why not tap into it for your own benefit?
4. Buy with your head, not your heart.
Your first step onto the property ladder is a crucial step with long-term ramifications for you and your family. Remove all emotion from your buying decisions and make informed, calculated choices.
5. Take your time.
Do not succumb to any pressure from sales agents or make any hasty decisions.
Take your time, tick all the boxes and consider your long-term property goals as well as your excitement about getting into your first home.
“buy the right home, in the right area for your circumstances”
Director, National Property Buyers, Adelaide
If you’d like to discuss your first property purchase, we’d love to catch up for a chat.
Contact us here to organise a free, no obligation consultation with one of our buyer’s agents based in Prospect, Adelaide.