Tips for first home buyers - Melbourne's Inner West

March 24, 2014
Jonathan Lee

The common-sense factor


If you are considering buying your first home, this is a time of opportunity and also a time to exercise a lot of common sense.

Remember that buying this home could be the biggest investment you’ll make in your financial future. Therefore, take your time, look at all aspects related to various properties in different areas and don’t be tempted by a load of sales talk! Be advised by the professionals, but base your decision on where it is best for you to live!

 

Your choice and decision


Choosing the right home in the right place is a major influence in your decision. There are factors such as access to places of work, facilities for children, your preferences for entertainment and various other aspects that are part of your desired lifestyle.


Williamstown


For example; if you want to be near the sea and have culture and history on your doorstep thenWilliamstown the original first sea port of Melbourne, could be your ideal location. It has developed from a previously, neglected industrialised centre into an attractive, popular and fashionable maritime village. It is important that your first home is located not only for convenience, but for growth in value as an investment.


Footscray


Or, another option is vibrant Footscray; known by visitors from across Victoria, who are attracted to its unique festivals, events and some of the most authentic ethnic cuisines in Melbourne. Living in Footscray, will give you the opportunity to experience eastern and western cultures that will be an exciting addition to your lifestyle. The environment in which your home is located is an essential part of your lifestyle and has a significant influence on growing your wealth for the future.


Buying and budgeting


Buying your new home also involves a budget and choosing the right loan provider and product is an important issue. It is one that can make it easier to get qualified for the amount you need, as well as saving you a significant amount of money over the course of the loan term. Being prepared, is a wise motto to follow when you are applying for any form of loan, especially one related to probably the biggest investment in your life, your first home.

It is probable that your first home lifestyle will have a significant influence on your expenses and it could mean a change I your spending habits! However, your immediate concern is preparation for meeting your home-loan lender.


Be prepared


It is not unusual for first home buyers to be “financially challenged”. You could be in the early stages of your career, or even relying on a single income. In any event, your first task is to list your current income and expenses; this will include groceries and entertainment and any other necessary and regular expenses.  One tip, is don’t try to enhance your financial position, it could come back to haunt you.

Include you include any costs needed upfront to buy your new home such as, conveyance and legal fees, stamp duty and if purchasing a unit, strata fees and council rates.


Professional advice


When making an investment decision, such as buying your own home that will influence the future of your family, it is always wise to gain the advice of a professional in the particular field.

A real estate agent is familiar with the area and all the details involved in buying a home, especially financial. A qualified and experienced real estate professional will help guide you through the entire process. They can help you regarding the various aspects of your neighbourhood and surrounds, as well as providing an insight into future value and potential developments.


Friends and neighbours


Don’t be shy about talking to other homeowners and the local store keepers. They could become your future friends and are usually a fountain of information, giving you information from the perspective of everyday living in the area.

Posted in: First home buyers

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