Is being a first home buyer giving you the jitters? Well, you’d be happy to know that what you’re feeling is perfectly normal! Buying your first home can be intimidating and by the time you finish scouring the internet for answers, you’d have a good dose of caffeine in your system and a possible bald patch! Being a first home buyer is overwhelming but that doesn’t mean it can’t be overcome!
The right advice for a first home buyer and a helping hand from a professional service can end your woes. That’s why we thought that we would shower you with a few pointers that a first home buyer should keep in mind while choosing the correct first home buyer scheme!
Your mind is certainly plagued with questions like- Which first home buyer scheme should I consider? There are multiple first home buyer schemes available after all, and their eligibility can be daunting. What about a first home buyer grant? Am I eligible for any? Oh, and where am I placed when it comes to the first home buyer grants in NSW?
The foremost consideration you would need to take would be answering the ‘how’ of financing your dream home. Whether you’re going for the first home owner grant or using a certified bank lender, getting your finances pre-approved is a good idea. By doing so you’d have the flexibility to make better decisions while also having room for error without feeling any guilt or regret and you will be more than prepared for your next big step i.e. looking at properties!
Moreover, having your first home owner grant in place prevents the last minute scrambling that may take place wherein you have insufficient time to put together intensive paperwork that is required to get an approval for a first home buyer’s scheme. Being a first home buyer is stressful enough without having extra legwork or hoops to jump through. For instance, one may feel that their dream home which was a stone’s throw from them is suddenly slipping away because an obstacle such as a first home buyer stamp duty springs up at the last minute which could have been avoided with early preparation!
However, the information presented to you must be carefully scrutinized before you commit to anything! You must keep an eye out for the validity length of your pre-approval. Some places have a three month validity period while some are shorter, so don’t forget to read carefully and then read again before arriving at a definitive conclusion!
Now that the nuts and bolts of your buying capacity have been taken care of, you can continue the search for your first home in full steam! What’s next? Research! You now need to map out where you would like your ideal home to be located in. Your first home is a place where you would create many happy memories and it should not be anything less than perfect and for that, you need to keep yourself in the know of market trends that will pave the way for your long-term commitment!
Getting an idea of any potential changes in your targeted neighbourhood such as planned construction, road access, distance from your place of work and hobbies, etc is part of the plan! It is recommended that you constantly update yourself with current market trends of that area which will ultimately be your guide to buying at the right time and price. It will also aid in understanding the nature of your first home whether you’re looking for a pre-built one or a plot to build on! Additionally, the extra knowledge further helps a first home buyer to find the right private seller or a favourable auction event. All these factors play key roles in the purchase of your dream home and also affect your spending power with regards to the first home buyer stamp duty. First home buyers in NSW can opt to save a considerable amount by purchasing a vacant plot of land as they are exempt from stamp duty if its price falls below a certain threshold so it all depends on what route you wish to take!
Bottom line, be prepared to visit a few places before deciding on which kind of home you want, angles and lighting in pictures, however, can be deceptive and may mislead your perception of places. Physically visiting potential venues will also help a first home buyer develop an overall sense of what living there will entail; the potential neighbours, ease of access to your workplace, distance and travel time to your frequent haunts among many others.
Having an expert to help navigate the pitfalls of being a first home owner – some of which can be potentially and drastically expensive, yet easily avoidable – can clue you into the recent changes and upcoming laws which will save a first home buyer from hassles in a great way and will help ease the burden. For instance, the constantly changing policies, exchange rates, mortgage insurance, taxes, and loan conditionals or even the eligibility criteria of first home buyer schemes can be daunting to understand and kept abreast of.
After all, even when studying, we go to a subject expert when confused and in need of guidance. A solicitor or buyer agent will help you navigate the finer nuances of decisions you need to make and help you streamline the process from start to finish and would significantly reduce the stress and confusion a first home buyer might run into. Some reading and feelers can help you find just the right solicitor to help you as a first home buyer.
So before you decide to buy anything or give up the navigation altogether, don’t despair! Some common sense and a bit of level headed research into things like first home buyer schemes and consideration can make your first home buyer experience a smooth sail rather than a nightmare.