As a first home buyer it is important to not get overwhelmed by the process, and the best way to avoid confusion is research. There is a lot of information out there for you to digest in the property sphere and thanks to the team at Kingsfield, we have done most of the hard work for you. Read on for 5 essential tips and tricks to ease you into the process of buying your first home.
1. Understand the Property Market
Start the conversation by following property news, talking with your friends and family about their property market experience, and introduce yourself to the Kingsfield sales representatives. These are the best ways for you as a first home buyer, to take your first step toward getting into the property market.
2. Know Your Finances
Know your income, gather your savings, and talk to your bank and financial specialists. Talking one-on-one with your financial advisor and figuring out your options helps make the entire process more personalised and fuss-free. From here, you will be able to get an idea of your budget and what you can and can’t afford. Make sure you choose a home loan rate that is best for you and the repayments are comfortable with your income and lifestyle. This is the time to set your financial goals to secure the keys to your first home.
3. Be Aware of Incentives
As a first home owner, you may be eligible for stamp duty concessions and grants. Those eligible for the First Home Owners Grant can receive $10,000 for a new home build valued up to $750,000 in Metro Melbourne or up to $20,000 in Regional Victoria.
To see what you qualify for, visit the State Revenue Office website or chat with a financial advisor.
Additionally, make sure to have a budget that accommodates for any additional costs, whether it be fences and gates, landscaping, entertainment systems or appliances. Receiving the home owners grant, if eligible, may help with any extra costs.
4. Look Beyond the House
Have your investment last a lifetime and choose a location to suit your lifestyle. Make sure you have access to all you need and more. Here at Kingsfield, your new home is surrounded by all the necessities to stay connected and make life easier, such as:
Existing public transport systems
Established schools and education facilities
Leisure activities, ie. golf, wineries, aquatic centres
And much more! Check out our Interactive Amenity Map for more information.
5. Make Your Dream a Reality
Home loan and finances – approved.
Location – check!
Time to put the hard hats and boots on, and choose your floor plan and design. Take the time to consider all your options to create your ultimate home. Make sure you cover all the important things from the position of the house on the block, to the number of bedrooms and bathrooms, lighting, storage space, and car space needed. Don’t forget – build within your budget!