Things to Consider when Buying a House for the First Time

A house is a massive investment that will cost you thousands of dollars, if not more. As a result, you must be extra careful to ensure that you buy a house that perfectly meets both your immediate and long term needs. 

Below are the main things to consider when buying a house for the first time:

Costs

You cannot assume the cost of purchase when it comes to buying your first home. Most people source for home loans to get started. But, before you consider getting a loan, be sure to consider factors such as interest rates and mortgage insurance as they play a massive role in the homeownership process. Since 1 January 2020, the Federal Government does offer a loan guarantee for eligible buyer/s with a smaller deposit whereby you won’t be required to pay mortgage insurance. This will provide a huge saving on the cost to get a home loan with a deposit of less than 20%

Check on Eligibility for Grants

Some states provide stamp duty concessions or government grants for people looking to buy homes for the first time. However, it would help if you enquired first since these incentives tend to vary from one state to another. In WA, to build a new home you may be eligible for a $10,000 grant if you meet the conditions set out. You may also be eligible to claim a $2000 Home Buyers Assistance Account. You must, however, buy through a licensed real estate agent. This grant is not available to those who plan to build. 

Explore the Neighbourhood

Before settling for a particular house, it is crucial to examine the neighbourhood from the lens of security, social life, and amenities. If you want to own a home in a reserved environment, then you should avoid busy towns.

Weigh your Options

Owning a house shouldn’t be an impulse decision. It would be best if you took your time to weigh in on several options to choose one that perfectly suits your needs. Settling on your first option is not advisable as you might find better alternatives that suit your budget and needs if you take the time to research.

Enquire with your Agency

Enquire with your real estate agency or mortgage broker on the essential things to consider. A real estate agent can be of great assistance when it comes to home selection. Such agents tend to know the backs and forths about several houses and neighbourhoods and can give you insider tips that will come in handy.