Tips for First Time Home Buyers in Australia
Buying a new home is an exciting step in your life. While so many milestones were put on hold because of the COVID-19 pandemic, more people are entering the Australian real estate market and looking to move. Some people want a bigger space after being cooped up this past year. Others are looking to move to new cities where they can have fresh starts.
If you’re considering buying a house, make sure you are prepared beforehand. Follow these tips to find your Australian dream home.
1. Know how much house you can afford.
One of the hardest parts of buying a home is learning how much you can afford. If you buy a house that is too large, you could get overwhelmed by your bills and not have enough saved for emergencies and home repairs. If you buy a house that is too small, you won’t be happy with your space.
Set aside some time to meet with an accountant to understand your ideal price points. Then, look at the homes in your area. Based on your budget, how much square footage can you afford? How much space do you need? The answers to these questions will determine where you look for houses and which ones you tour.
2. Look at the display home for new neighborhoods.
Demand for housing continues to increase throughout Australia, which is where there is currently a housing boom in the country. One of the best ways to secure a house is to reach out to developers before the neighborhood is complete.
For example, if a new development is going up, builders will typically finish one home first before moving onto the others. This is the display home and it is meant to showcase what properties in the rest of the neighborhood will look like. Display homes help you visualize your future property in a more tangible manner than 3D video tours or blueprint mock-ups. Once your home is completed in the neighborhood, you can move in.
When looking at display properties, you don’t have to worry about other people outbidding you. Almost every home in the neighborhood needs to be sold.
3. Focus on the floor plan.
It’s easy to get caught up in a unique home in a cool neighborhood. However, keep in mind that you need to live there day-to-day. As you walk through the space, picture where your furniture will go and how you will live there. How would you design the master bedroom? How many baths are there? Are the baths easy to get to for your family and for guests? These are all key questions to ask.
If you choose a poorly laid-out house or a home that doesn’t have the ideal number of baths you need, then you could end up frustrated in the space.
4. Consider buying a modular home.
Modular homes are units that are manufactured in a factory and then assembled on the property. This style of home has become popular lately as buyers look for more affordable options.
If you opt for the modular option, you might talk with a salesperson to buy a unit rather than a realtor. You can also look at different home styles on the manufacturer’s website. You can look at units with a certain number of baths and different bath layouts. Consider investing in a manufactured home if you want something designed for your specific needs.
Whatever home you choose, you are sure to find something this is uniquely yours. Whether you fight with others buyers for a historic bungalow or buy a manufactured home through a salesperson and website, your future home is all yours. Within a few months, you will be able to enjoy cool drinks on the back patio or a relaxing spa day in your new bath—with everything designed to match your personality.