Top 5 things to consider as a First Home Buyer

Whether you are a young family, couple, group of friends or first-time investor, buying a new home is an exciting time that also comes with added pressures from the range of variables that will affect this decision. Budgeting, research and an understanding of new home builders will help you create the house of your dreams. Keep reading to discover the most important factors to consider as a first home buyer…

1. Budgeting for the future

Careful budgeting is an essential first step that should take into account not only your current financial situation, but also any future costs that will arise when purchasing a new home. This means considering the deposit amount and mortgage repayments that you can afford whilst still maintaining a comfortable lifestyle. Extra costs that should not be overlooked are conveyancing, bank fees and insurance for your mortgage. There are many online resources that can help, or discussing with banks and finance professionals may also assist in identifying the house and land package, or new home design you can afford.

4. Government grants

There are grants and stamp duty concessions available for first home buyers in Sydney. The concessions vary state by state so check with a state revenue officer or government websites for accurate information. In NSW there is the First Home Buyer Assistance Scheme, which applies to buying an existing home, buying a new home and vacant land purchases.

3. Exploring locations

After establishing an inclusive budget and eligibility for government assistance, it’s time to explore the location which you want and can afford. The community you choose to live in will impact your life immensely, so it’s important to consider what amenities are nearby. If you’re a young, growing family, suburbs such as Box Hill, Oran Park, Silverdale and Oakville have great house and land package options. There are also schools, public transport and shopping centres in close proximity. Recognise what local facilities are essential to your lifestyle and assess the location of your new home on this.

4. Housing style & options

Decide on what housing style is most suited to your budget and lifestyle, but keep an open mind to ensure you are looking at a range of display homes. Whether you choose a single storey or double storey house, be realistic about the size and how many bedrooms you will need. Furthermore, if you decide to build a new home there may be cost-saving options regarding the fittings. Talk to new home builders about the interior design before committing to a style and you may potentially save money.

5. Sustainability 

The Master Builders Australia (MBA) and the Housing Industry Association (HIA) offer training for builders to conduct sustainable practices. If you are interested in building your new home, it’s worth considering a builder with this training to reduce your house’s effects on the environment. New homes in Sydney are becoming more and more sustainable. Inclusions such as renewable energy, which is not only environmentally-friendly, will be cost-saving in the future.