If you’re looking for somewhere to buy your first home, it’s important to look carefully at what really matters to you
Deciding where to buy can be one of the biggest decisions you’ll make as a first homebuyer. Since there is so much emotion mixed into buying your own place, it’s a decision that only you and your family can really make. At Aussie, we can guide you through the process of helping you decide what’s right for you.
If you have your sights set on a particular postcode, it’s important to keep an open mind. Sometimes it can help to break it down into:
When you speak with an Aussie Broker, you’ll have access to a range of free suburb and property reports. These can inform you about the property prices in your ideal area — highlighting where you could afford, plus, how prices have changed in the area over time. This information may be valuable in assisting you to make an informed buying decision. Keep in mind, property prices don’t just vary from suburb to suburb — but also from street to street. If you’re put off by the prices of properties in your ideal suburb, it might be worth your time to look at a renovation project.
A suburb shouldn’t just fit your budget, it should also suit your lifestyle. The old saying ‘Location, location, location’ still rings true today as much as ever. But you might still need to be flexible with your choice of suburbs to find somewhere you can afford.
Firstly, think about what matters most to you — like being near friends or family, having places to enjoy your favourite things like golf or surfing, plus local shops and restaurants if you like going out. If you love the cafe scene, but you don’t want to live in the city centre, you may want to consider an affordable inner suburb with plenty of nearby eateries. Proximity to natural features such as beaches, parks and rivers, could also make a suburb a more pleasant place to live in. If you like spending time outdoors swimming, enjoying scenery, or going on bush walks — it might be worth considering the quality of the local environment.
Secondly, keep in mind what your future needs will be. If you’re thinking about starting a family, it might be worth your time to research the quality of local schools and day-cares. It’s a good idea to consider that there are many different types of homes out there and what you need now might not be the right property type in the future.
When deciding where you should buy, you might also want to look at a suburb’s prospects for future value growth. Any rise in your first home’s potential selling price could help you climb the property ladder to your next home.
Last (but definitely not least) is to consider how close the property is to your work or new work opportunities. A long daily commute won’t just impact your lifestyle, but the cost of travel as well. In one survey, Australians spend an average of $38 each week just getting to work — a long commute may quickly eat into your daily spending money.
As a first homebuyer you might have a tight budget. If you’re struggling to get a deposit together, there are options available to you, such as a low-deposit home loan or taking out a joint home loan.
Something to have a good think about is whether there are other affordable suburbs that you haven’t considered yet. Australia’s fast-growing outer suburbs are a popular choice for some homebuyers . Land values can be relatively affordable, and it may cost less to build a new home in the suburbs than to buy an existing home further in.
Remember, in some states or territories, the First Home Owner Grant is only available if you build a new home.
Buying your first home is one of the most exciting steps you’ll take in your life. However, it may also be overwhelming. But you don’t have to do it alone! If you’re ready to start progressing your goal of first home ownership, speak with an Aussie Broker today. Or if you’re not quite ready, we’ve got a range of tools and calculators to help you understand more about the home loan process.