Newcastle Living Magazine
Our Guide for First Home Buyers
Buying your first home can be an exciting but often confusing and daunting time. With the market frequently changing and moving, there’s many steps you can take to ensure when the perfect house appears, you can jump on it and make it yours. To help you on your journey, we’ve compiled a list to help first-time home buyers streamline the process and give you the know-how to get into your home sooner.
Get your finances sorted
When it comes to the crunch, ensuring the financial aspects of your application are sorted will separate you from the rest. Having a clear idea of your borrowing power and how much you can spend is crucial, and getting pre-approval for a home loan can speed up the process. We recommend speaking with a mortgage specialist, as they will be able to help you navigate the financial side when it comes to making offers and purchasing a property. They also can help find you the right product for your situation and will have intimate knowledge of any rebates or incentives you may be eligible for.
“Auctions may seem intimidating, but they can be fun and provide a level of transparency missing in the private sale process.”
Buying a house is stressful for a lot of people, and selling for some can be less than ideal. Many people are often also hurting after having their offers knocked back time and time again. Treat other buyers, as well as agents, with the utmost respect, and you’ll find everyone has an easier – and happier – time.
Do your research
Don’t just buy the first property you see, as it pays to hunt around and do some research. Look at the area to see what is selling and whether the homes you’re looking at are priced correctly. Be critical and make a list to assess what your ‘must-haves’ are versus your ‘nice-to-haves’, and make sure that the neighbourhoods and homes you are looking at tick those boxes.
Understand the negotiation process
Chat with the agent to get a clear idea of the negotiation process for each property you’re considering putting an offer on. Find out the price guide and communicate your needs and situation with the agent. Many are happy to help answer any questions you have as a first home buyer.
Don’t be scared of auctions
Auctions may seem intimidating, but they can be fun and provide a level of transparency missing in the private sale process. You get to see who you are competing against for the house, and you can see how much it will sell for. If you are concerned that you’ll get overwhelmed or emotional, there is also the option to get someone to bid on your behalf or employ a buyer’s agent.
Stay calm and level-headed
Easier said than done, we know, but it’s important to keep your cool. The process can be long and arduous, but try to remain calm and know that these things take time. For many buyers, the house-hunting experience means seemingly endless weekends of open inspections and quite often rejected offers. Remember that operating from a place of calm will ensure the process doesn’t spill over into every area of your life, and it won’t last forever.
Contact Mel Payne
Licenced Real Estate Agent and Auctioneer
Ph: 0429 693 287