Buying your first home can be an exciting yet challenging journey. With the abundance of resources available, it’s crucial to navigate through the process systematically. Here’s a refined guide to help you ease your way into homeownership.
Research, Research, Research
Start by educating yourself about the home-buying process. The Home Seeker SA, Revenue SA & SA.GOV.AU provide valuable insights into the specific requirements for first-time homebuyers in South Australia. Explore additional grants and incentives for first-time buyers. Understand the various ways to buy a property, including tender, auction, and private treaty. Each has its own intricacies, and understanding them will prepare you for the negotiation and buying process.
Prepare your finances
- Determine Borrowing Capacity: Calculate how much you can borrow based on your income, expenses, and potential deposit. Aim for a 20% deposit to avoid additional costs like Lenders Mortgage Insurance.
- Explore First Home Owner Grant (FHOG): In South Australia, you may be eligible for the FHOG, which can provide up to $15,000 for qualifying first-time homebuyers. Check the eligibility criteria and application process on RevenueSA.
- Understand Hidden Costs: Be aware of additional costs such as stamp duty, land tax, legal fees, inspection costs, and lenders mortgage insurance. Use online calculators and consult with professionals to estimate these expenses.
- Stick to Your Budget: Remember, it’s easy to be swayed, but staying within your budget is crucial.
Choose your property
Embark on a virtual property journey by delving into online platforms like Domain, realestate.com.au, and ocre.com.au. Dive into market research, gain insights into various regions across South Australia. Evaluate factors like amenities, commute convenience, and upcoming developments to make informed decisions.
Next, navigate the diverse landscape of property types. Whether it’s an established home, a chic city centre apartment, or a brand-new construction, the choice is yours. Consider the advantages and disadvantages of each option, aligning them with your personal preferences and budgetary constraints. This exploration phase sets the stage for a well-informed and exciting home-buying experience.
Hire a professional
Don’t hesitate to consult with experts, and initiate the legal leg of your home-buying journey by consulting a conveyancer at an early stage. Their expertise will illuminate the legal intricacies of the purchasing process, providing invaluable guidance through the paperwork and settlement procedures. Check out the top 5 suburbs to invest in this year.
Immerse yourself in the property hunt by actively attending open house inspections. Dedicate time to scrutinize properties, pose relevant questions, and gain a comprehensive understanding of the condition of the homes that capture your interest. Active participation in open inspections ensures a thorough exploration of potential residences.
Make an Offer and Finalize the Sale
- Private Treaty: If you’re buying through a private treaty, make a well-thought-out offer. While your initial offer might not always be expected, don’t be disheartened. Persist in negotiations with the seller, proceed to sign contracts, and navigate the settlement process with confidence.
- Auction: If participating in an auction, be prepared to meet the reserve price. Have your deposit ready and consider using a buyer’s agent to bid on your behalf.
- Finalize Settlement: Once the contracts are exchanged, the settlement process begins. Ensure all paperwork is in order, and preparations for the move are underway.
Remember, buying your first home is a significant milestone. With careful planning and thorough research, you can navigate the process with confidence. Good luck on your journey to becoming a homeowner in Adelaide!
If you are looking to buy, sell, lease or have your property managed, reach out to one of our specialist property consultants here within the OC team.
