Legal series: Buying a first home
Buying your first home is a milestone in your life. No matter what happens, you will always remember your first experience buying a home, and you will also learn plenty of lessons from your first venture into real estate.
When it comes to buying a first home, the more you research, the better. Here are a few ways you can make the process of home-buying a bit easier.
Grants, subsidies, and benefits
In Australia, different states have grants or subsidies to assist you in your first home-buying endeavour. The Victorian government will give home buyers up to $7000 for properties purchased up to $750,000; in New South Wales, if you are a first home buyer purchasing a new home, you can receive up to $15,000. Different states also have bonuses for purchasing in regional areas as well – do your research and speak to your lawyer about the bonuses you can receive.
Remember: your first home may not be your dream home, but its a building block to your future
When you are purchasing your first home, chances are you will not be able to afford the grand mansion you’ve always dreamed of owning. Don’t be disheartened – just remember that it will take time and experience in real estate before you can purchase that final perfect house. Invest in property that is in a good location to start with ( for example look for land for sale in Mernda or land for sale in Craigieburn for great, affordable suburbs), and remember that you can always renovate and resell in a few years’ time if you wish.
Always consult with a lawyer before signing, and READ the contract throughly
One of the biggest mistakes first home buyers make is that they allow their emotions to dictate their purchases. Don’t be one of these people; instead, take your time and talk through your purchase logically with your partner, family, or a friend. Take a look at the contract with a lawyer before making any finalized decisions, and make sure to chat to your bank as well about any hidden costs that could be lurking.
4 rules for auction newbies
- Know your limit beforehand, and stick to it. In the heat of the moment, you may bid more than you can afford – nobody wants to be stuck in that kind of situation.
- Don’t go alone. Always bring someone with you to help discuss the purchase and to help keep you grounded.
- Arrive as early as you can. This will give you an opportunity to take a look around the property one last time before you make a decision to purchase.
- Use psychology to your advantage. Bid like you’re never going to stop and look unfazed and unaffected no matter what the other person offers.