The best start: 5 considerations when buying your first home

So, you’re buying your first house - a big congratulations! This is one of life’s great achievements and something that can set you up for an awesome future, so it’s only natural that you are pretty excited about the whole thing.

However, you don’t want to go jumping the gun and snatching up a property that isn’t suitable for you. You have to consider your budget, lifestyle and the best building and pest inspections Gold Coast has on offer before signing the dotted line.

Let’s take a closer look at the five key considerations of buying your first home:

1. Your budget

The excitement of buying a first home can make people look at places they can’t afford. If you feel you are getting carried away with the homes you are checking out, then it’s a good idea to reign it back in and take stock of your budget.

Go to your mortgage lender and what you can afford to buy or simply use the lender’s mortgage repayment calculator to determine how much you can afford to spend on your first home.

Also, remember that your mortgage won’t be the only thing to consider: there will also be costs like loan deposit, body corporate levies, stamp duty, moving costs and more.

2. Can you find the right loan?

It may be the least exciting step to buying your first home but unfortunately it’s one of the most important steps to buying your first home. You may be paying off that loan for some time to come, so you want to ensure it is one that is most suitable for your needs and won’t cause you grief as the years go by.

Consider things like interest rates, fixed or variable terms, special rates/discounts, redraw facilities, offset accounts and loan fees like your annual fee. If possible, engage the services of a mortgage broker - they may seem like an annoying cost at first, but they could easily help you be happy with your loan years down the track.

3. What kind of property is suitable for you?

Okay, now the boring stuff is out of the way - it’s time to decide on the property you want to buy! If you plan on living in the property and not leasing it out then you should consider your lifestyle.

Is the property close to the places you like? Does it facilitate your lifestyle i.e. entertaining mates? Could it facilitate having a few little ones down the track?

4. The property’s location

Well, this one is obvious, but you don’t want to buy a property that is simply too far away from everything you love about your life! So, it’s best to always look for a property that you can afford and that is also in a viable location, ensuring it is close to things like work, friends, shopping centres, public transport if necessary and more.

5. The home’s condition

Many vendors think they can take first home buyers for fools - this is why you should call in the pros. A seller or real estate agent may see you as someone who is too excited to think about potential property floors like structural faults and pest infestation, but if you bring in a professional building and pest inspector to thoroughly evaluate the property before moving in then you will know if that property is right for you or not.

Don’t allow yourself to be taken advantage of by dodgy dealers - take a reputable building and pest inspector along with you before signing that mortgage!