There has been an increase in the number of people wanting to buy their own homes in the past several years. In line with this, we have compiled a list of sound real estate advice for first-time Melbourne home buyers.

One of life’s milestones is owning a home. Before, people would focus more on a career after university, but these days, because the home also doubles as a place of work for most…

Like all kinds of investments and first big-time purchase, buying a property comes with its own challenges. 

…Whether it’s in a new city or in the suburbs, getting a new home is a huge step.

Deposit.

Know and assess your house deposit options. You can start saving up for it or if you already have the funds on hand, you can decide to immediately pay the sellers.

It is ideal to have a deposit of at least 20% for you not to pay lender’s mortgage insurance. You also have to set up a separate bank account dedicated to financing your future home. This way, it will be easier to track your payment progress.

It will also be wise to start considering your loan options. There are also a lot of government offices you can approach for assistance. In Melbourne, we have the Victorian Homebuyer Fund.

Related read: 4 Shortcomings First Home Buyers May Experience When Purchasing a Property

Potential properties.

Once you have finalized the details of how you will finance your first home, it’s now time to start looking for properties that you can choose from.

Now that you have a budget, consider what type of property you would like to purchase. Will it be contemporary in design or do you want a period look with character? What extra amenities would you want it to have?

How many floors do you want? How many car parking spaces are in the garage? Do you prefer a front lawn or a backyard space? Could it be both? Do you want an open living space or something that has dividers and more rooms? These are some of the things you should ask yourself while you choose your options.

Get ready to buy. Then, buy.

When you finally make your decision on which home to buy, it’s time to prepare for the actual purchase. Make your offer, finalise the paperwork, and then prepare for the settlement.

The financial paperwork sometimes takes a little bit longer so allot time accordingly. You can use the waiting time to plan for your next steps like when to start buying furniture, décor, and appliances (if you bought an unfurnished home). Think if you would need landscaping for the outdoor areas. You can also start thinking about the logistics needed when you need to move in.

One of life’s most important milestones is owning your first home. We hope that our guide can help you make an informed decision about your future. If you require further assistance, give us a call at +61 3 9486 2000 or shoot us an email at northcote@collings.com.au.