First-time house hunters: six expert tips for buying your first home

Are you about to embark on your first house-hunting adventure?

Whatever your reason for wanting to buy your first home is, the step can be both exciting and daunting.
Those of us who’ve been through the mill before will know that buying your first house wasn’t as rosy as you thought it would be, especially if you had very little information to help you through what felt like a really daunting process.
Bonds, banks, big bills and a mountain of paperwork is enough to tempt even the bravest among us to simply go with the first house we lay our eyes on, or just continue to rent for the rest of our lives.
Fortunately, your friendly agents at Seeff are all too familiar with your house-hunting concerns and they know exactly how to help you demystify the process and get the most out of your house purchase.

Here are Seeff’s six top tips on what to look for when buying your first home:

First-time home buyer's seminars are incredibly helpful spaces to ask questions, do some research and meet key agents in the property industry in your area.
By attending one of these seminars, you’ll get expert advice on buying your first home, how to go about financing your purchase and even tips for home improvement and maintenance. A lot of these events are usually free.
Keep an eye on your local event listing websites or contact your nearest property agency to find out about seminars happening in your area.

This is key information to nail down before you embark on your first house hunt. If you don’t know what you are able to afford in terms of monthly payments, you might set yourself up for disappointment.
Take enough time to really go through your average monthly budget. Go through your spending with a fine-tooth comb and assess exactly what you’re currently spending your money on. From entertainment to groceries, dry cleaning to parking metre fees, account for everything in your monthly budget. A good budget app for your phone is extremely helpful for this phase.
Once that’s done, see what is left after all your expenses are paid. That figure is what you’ll have left over to pay towards your monthly bond and home costs.

As with everything in life, sometimes compromises need to be made.
The same applies to your monthly budget. Prioritising the essentials over the luxuries will really help you narrow down your options when you need to decide on an offer.
Start by creating a comprehensive checklist of your needs and wants. Be sure to include things that are outside the house as well, like the kind of neighbourhood you’re looking for, school locations, and access to facilities like shopping malls, business areas and other entertainment facilities.

These days most people almost never pay for their new houses in cash, so you’re more than likely going to need a loan or bond to pay for your new house.
When you explore your options for funding, keep your long-term plan in mind. If you’re not planning to buy another new home in your lifetime, a more long-term, fixed-rate bond might suit you better. On the other hand, if you’re planning to upscale when your family gets bigger, you may rather want to consider a more flexible bond.

When it comes to houses, the inside doesn’t always reflect the outside. Much like some apples look pristine on the outside with a mushy inside, you don’t want this to be the case with your new house.
Be sure to hire professionals to conduct a home inspection before you decide. They will assess the state of the house within the walls and beneath the floors to rule out any problem areas before you complete the sale.
It’s a win-win situation whether you discover any problems or not. If there are problems, you’ll be glad you spent the money. If there aren’t, you’ll be even more certain of your purchase.

Last, but certainly not least, it’s important to enlist the help of a professional real estate agent when you look to buy your first house.
While it might be tempting to try and cut costs by buying your first house without professional advice, there are a number of reasons why you won’t really be saving money in the long run.
Your local property agent is your insider to the world of home purchases, and when you have the right agent on your side with your best interests in mind, they can be a real asset. Shop around for someone you can trust (referrals from friends and family can be very helpful) and gives you quality, objective advice when you need it.

Need a little help or more information? That’s what we’re here for. Contact your nearest Seeff branch to set up an appointment to chat about your buying needs.
Happy house hunting!

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