Buying your first property can be an overwhelming experience. From organising your finances to researching, attending open house inspections, and negotiating the purchase, there are numerous factors to consider and tasks to complete. To help boost your confidence during this journey, we have compiled a list of what first-home buyers wish they knew before purchasing their first property.

Get a clear understanding of property finance from the beginning

First-time buyers often learn about property finance as they go along, which can be a rude awakening to the expenses involved in buying a property. It's crucial to be aware of costs such as stamp duty, loan fees, inspection reports, and moving expenses.

Be organised and get ready! It’s important to have your ducks in a row for when that perfect property comes up. Knowing exactly what you can afford, and what you need to spend and having that pre-approval for finance will dramatically improve your chances of securing a property and will take a lot of the anxiety and uncertainty out of the process.  Jayden Donaldson, McKean McGregor, Licensed Estate Agent

Take advantage of programs like the First Home Owners Grant, First Home Super Saver Scheme, First Home Loan Deposit Scheme, and National HomeBuilder's Scheme. Stay informed about the various schemes and grants available to you.

Shop around for the right mortgage lender

Before starting your property search, it's important to understand how much banks are willing to lend you. With market conditions constantly changing, it's crucial to be aware of your financial standing from the outset. Take the time to research and compare different lenders. Speak with banks directly, consult mortgage brokers, carefully examine fees and terms, and read the fine print. Additionally, if several months have passed since you were pre-approved for a loan, check with your lender to ensure that nothing has changed in terms of your borrowing capacity and stay open to better deals.

Assess your day-to-day lifestyle expenses honestly

Understanding your current lifestyle expenses is a vital piece of the puzzle when determining your mortgage repayment limit. Unless you track your daily spending, it can be challenging to gauge the true extent of your expenses. Differentiate between necessities (rent, food, bills) and extras (subscriptions, entertainment, shopping) to identify areas where you can cut back to help with budgeting.

Be prepared for changing preferences

Your property checklist at the beginning of your search may evolve as you visit more open-house inspections. You'll become more aware of what fits within your budget and what compromises you're willing to make. Identify your non-negotiables while considering your present and future lifestyle needs. This will save you time by focusing on properties that meet your criteria.

Don't expect to secure the first property you make an offer on

Putting an offer on a property is an exciting and nerve-wracking experience, but it's essential to be prepared for potential disappointment. Your first offer may not be accepted, and that's okay. Try not to get disheartened and keep an open mind about other properties. The market is constantly changing, and new opportunities arise regularly.

Building and pest inspections are crucial

When buying a home, conducting building and pest inspections is essential. These inspections provide valuable insights into the property's condition, including any structural, drainage, plumbing, termite, or roof issues. It's important to remember that every inspection is likely to uncover problems. 

Everything is open to negotiation

Negotiation is a key skill when it comes to real estate transactions. Don't hesitate to ask questions about what is included in the sale, why the owners are selling, how long the property has been on the market and other relevant details.

The time reality of buying a home

Buying a home is a process that often takes longer than anticipated. There is no fixed timeline for purchasing a property, as it can happen in a few months or extend to a year or even more.

You just don't know when that perfect opportunity will arise so the key is to stay organised with your pre-approval and keep your eyes peeled online!  Most agents are active on social media these days so following them can sometimes alert you to upcoming listings that might be of interest but don’t be scared to directly contact them with some info on what you are after, you just never know what’s in the pipeline! ~Jayden Donaldson

Explore our extensive selection of available properties online or reach out to a McKean McGregor agent to discuss your needs