The emotional roller coaster - buying your first home

When you’re facing the challenge of buying your first home, no doubt you’ll be ticking off a wide gamut of emotions – from the sheer joy of finding a property you love to the unnerving level of stress you experience when you apply for a mortgage.

Anyone who has bought their first home will tell you: buying your first property can be a very emotional experience.

When you're facing the challenge of buying your first home, no doubt you'll be ticking off a wide  gamut of emotions – from the sheer joy of finding a property you love to the unnerving level of stress you experience when you apply for a mortgage.

So let's cover off the peaks and troughs of this roller coaster so that you can be well prepared for that jump into the property market. After all, forewarned is forearmed.

Saving the deposit = excited

When you're saving to buy a home, you'll no doubt be excited at the prospect of being able to buy property sooner rather than later. So to make sure you continue to feel excited throughout the entire savings journey (unfortunately it can take quite a while to save a home deposit), it's a good idea to set in place a savings target and build a budget that will help you get to that target faster than you thought.

Exploring your home loan options = confused, overwhelmed

So you've ticked off ‘save for a deposit' from your to do list, now it's time to officially start your home buying journey. This is where some of the bigger decisions start to take form and trigger everything from giddy excitement through to out-and-out fear and anxiety. While buying a home is exciting, researching, comparing and picking the right home and the right mortgage for your needs can leave you feeling a little overwhelmed and anxious.

Finding the right home loan for your needs is a crucial step in any home buying journey – regardless of whether it is your first property purchase or your 20th, it is pretty important that you pick a home loan product that suits you now and what you might want to achieve financially in the future. And, with literally hundreds of different home loan products on the market, it's pretty easy to feel confused and overwhelmed. This is where a quality mortgage broker can make all the difference. A mortgage broker can step you through the home buying process and help you identify the essentials for you home loan now and for the future. Get help from a professional can short-circuit the stresses of researching and comparing the hundreds of options and help you clearly identify the best steps for you.

Finding the right property = stress, joy, excitement

Once you've worked out what you can borrow and what type of home loan may be best suited to your needs with the help of a professional mortgage broker, it is time to find and buy your property. Finding the right home can prove a stressful task, especially if you don't have unlimited funds. Thankfully, this process is also incredibly exciting, so make sure you take the time to enjoy the process of finding your new home. To make finding the right property for your needs an easier task, it is a good idea to make note of the features your property “must have” and then only inspect properties that fit within your budget and boasts all of your “must have” features.

Signing the contract = worry, jubilation

Once you have found a suitable property it is important to go through the contract with a fine tooth comb and make sure that there is enough time built in for things like pest and building inspections. If you'll be making an offer on the property as opposed to trying to buy it at auction, make sure you check to see if the contract includes a cooling off period and/or subject to finance clause. It's also good to make sure that settlement period suits you and your current living arrangements. Your solicitor or conveyancer can help with this step and can help you request changes to the contract of sale.

Settlement = joy

Congratulations – you officially own your own home! There's no real surprises with how you're feeling now, once settlement day arrives you'll be filled with pride and joy. Of course, while it's an exciting experience, it pays not to get fully swept up in the emotion of it all. Make sure you approach everything with eyes open. Scout around for the best removalist deal and set yourself a manageable budget which includes your new mortgage repayments. Knowing you can easily afford your new property will help you to enjoy it all the more.

Chat with a Mortgage Choice broker today get yourself on the path to home ownership and get access to expert advice that will get you there easier!

Recently asked questions

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