There’s not much that will rival buying your first home as one of the most exciting financial decisions a young person will make. And your first home only happens once!
“At newhomesguide.com.au we work with so many new homebuyers, industry experts, and builders, that we have a wealth of experience and knowledge on the most important considerations to make when building a new home for the first time.” - newhomesguide.com.au
Here are our top 6 tips, so dive in with an open mind and we guarantee you’ll learn something.
1. Don’t rush
There are so many factors to consider when planning and deciding to buy and build a new home that the planning stage can start to feel like a chore. Take your time to research the suburb you want to live in, and the type of home you want to build. Don’t settle. Make sure everything is as you want it to be.
2. Start saving straight away
The earlier you start saving for your deposit the better off you’ll be. Make sure you have the money you need for the deposit before setting any plans in motion. It might be easier said than done, but it’s a great start if you can save 20% of your future home’s value. If you give yourself enough time, saving the money you need becomes a more realistic goal.
3. Shop around for a loan
To only way to get the best mortgage rate is by doing your research and shopping around. There can be a huge difference in mortgage rates from bank to bank. Even if it’s just half a percent difference, that can mean thousands of dollars in the long run.
4. Prepare up for emergencies
The extras that can creep their way into your budget can be quite a shock if you aren’t prepared for them. Suddenly you’ll be met by bills you hadn’t thought about, and they can add up pretty quickly. It’s a good idea to save some money as an emergency fund so you’re not left completely in the dark when the unexpected bills arrive.
5. Get the opinion of those you trust
When you find a design you want it’s easy to fall in love with the appearance of the home but overlook the logistics of actually living in it. Make sure you get opinions from relatives or friends on the plan for your home before construction begins. They might spot potential issues you haven’t noticed, and changes to the plan can be costly once building has begun.
6. Don’t buy all your furniture at once
It’s all too easy to splurge big bucks on furnishing your new home. Keep in mind that with a new home comes a set of expenses you might not have dealt with before. Try to work out a budget before you go out shopping. Identify the furniture items you need straight away, and those that can probably wait until later. Don't buy furniture just to fill a room, save up until you can get what you really want, there’s nothing wrong with leaving spare rooms unfurnished for a little while.
As long as you’re prepared and educate yourself on the process of buying and building a new home the experience should be nothing short of amazing. At newhomesguide.com.au we love helping out so come and visit anytime.