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Buying a property for the first time can be a daunting experience, so it’s always worth asking as many questions as you can and educating yourself about the ins and outs of the property market.
For those who aren’t sure where to begin, we have some of the most common first homebuyer questions covered.
Q: Can I afford to buy a property?
Before you start making offers, you should get an understanding of your financial situation and what you can afford to pay for a mortgage each month. It’s worth getting financial advice and talking to a few different lenders or brokers to get a solid understanding of your financial capabilities.
Q: Should I buy an investment property or a home?
Your first property doesn’t need to be the place you see yourself living in forever. In fact, an increasing number of first homebuyers are buying investment properties to get a foothold in the property market and grow equity to help them buy their dream property later on. This can be a good option for those who want to buy but can’t afford to in the place they want to live.
Q: How important is ‘location’?
Don’t underestimate the value of a location. This should be the most important consideration when buying property because while you can change paint colours or add extensions on a house, you can’t change where it is. For investors, aim for properties in areas with forecasted growth or solid rental returns. For owner-occupiers, look for a location that is close to the amenities you need and consider your work commute and lifestyle.
Q: Should I buy an established or new property?
It’s important to understand that established and new properties both come with their own set of pros and cons. A lot of people like established properties for their character and charm. Plus, if you find a renovator they can be significantly cheaper than a newer home. However, a new home has a lot of appeal and can be easier for those who would prefer modern home features. Keep in mind that in some states in Australia you need to buy or build a new home to qualify for first homeowner grants or concessions. Visit www.firsthome.gov.au for further information.
Q: Can I bid at auctions?
Auctions can be intimidating for even the most seasoned buyers, let alone someone buying their first home. But, don’t let that put your off. If you have your finances in order and find a property up for auction then it’s worth bidding. Just make sure you educate yourself on the auction process before bidding and chat to the selling agent for further advice.