Intrapac Property deal with thousands of first homebuyers and owner builders every year. We’re experts in identifying them. Often they are well researched, but are unsure about how to begin their home buying journey.
The first steps might seem murky, but here we’ll discuss some key tips and information for those setting out on the home buying voyage for the first time.
TIP 1 Save, save, save
A frequent online shopper, can’t go out on the weekend without spending everything in your wallet? Before you can purchase a property, you need to get your spending under control and have at least 10% -20% of your purchase price which will go towards your deposit and stamp duty, (if you aren’t a first home buyer).
TIP 2 Research is your new best friend
If you know what type of property you want to buy, this will narrow your focus and you won’t be distracted by what you don’t want. Knowing key information about where you want to buy is equally invaluable as it will give a better understanding of the market.
Another important point is how to identify all the costs you might incur when purchasing or building a new property. When comparing builders, add the build price and the site costs together before comparing. Each builder has different site costs and building costs. In order to gain an accurate comparison you need to add both together and then compare.
TIP 3 Take advantage of first home buyer grants and incentives
Home buyer grants are the responsibility of State Governments. Across the country, these grants vary in generosity, but are a helpful step ladder into homeownership.
In Victoria there are grants available for a range of first home buyers.
There is a $10,000 grant for those in metro areas building or building a new home builders. First home buyers do not pay stamp duty.
In regional areas of Victoria, a $20,000 is available for those buying or building a new home and again, first home buyers do not pay stamp duty.
More information about what the State Government is offering can be found here
TIP 4- Pre-approval- learning to walk before you can run
Having worked so hard to save all that money, you’re ready to go to the casino… I mean the bank. Reaching your savings target means you can obtain loan pre-approval. Pre-approval with your lender provide you with the confidence to pick the property of choice, knowing you will have the finance backing you to move quickly once you’ve identified land or the property. At the other end, once an offer has been made and accepted, ensure you have final loan approval to complete your purchase.
TIP 5- No buyer is an island
You can undertake much of the homebuyer journey solo, but at some point, you will need to enlist the help of experts. If buying an established house, it is worth getting a section 32 in Victoria, to review the details of the property. As well, a building inspection is vital to ensure all is right with your beloved home to be. Once an offer has been made and accepted, you will need to organise a conveyancer to assist with the contract terms and title transfer.
So there you have, some top tips it and key building blocks to your first home purchase.
Intrapac Property has a number of developments where you can buy land and build a new home. Feel free to reach out and talk to our friendly team at our Torquay sales office: tel: 1300 221 484.