Published Mon 18 Feb 2019

A common question we get when we are assisting first home buyers who are just starting the process. Where do you start? Do you buy the land first, get pre-approval from a bank, choose a builder etc?

First Home Buyers My suggested 1 st step is to identify locations you would be happy to call home. What amenities are important to you, do you want to be near shops, parkland, schools. Once you have a location or locations you can start to work back from there.

The 2 nd step is to confirm how much you can spend, what is your budget?  It’s super important that you chat with either a lending manager from a bank or a broker before you take the plunge. Speak to more than one, it always pays to get a second opinion.

Once you have a good idea of what your lending capacity is, you can now start to investigate what your budget will buy you in your chosen area. The internet is a wonderful thing, but you really need to hop in your car and start talking to people. Use the experience of the local building consultants and estate managers, they will guide you to most appropriate options given your budget & specific wants & needs. The more information you provide to the industry professionals you are dealing with, the better the result will be.

As you chat to more people, you will start to identify the different benefits each estate & each builder offers, you can then start to work out which aligns more with what you want. Once you have selected a block of land you can then get your preferred builder to site up a house on the lot. You’re doing this for two reasons, you want to confirm what the final house and land quote will be, does it come under budget? You also want to confirm how the house sits on the lot form an orientation point of view, along with confirming how much backyard you will have.

Top tip - when you visit the display builders and you like the size of a backyard of a display home, ask the builder how large the block of land is. This will help with you visualize how much space you will have and how that relates to the lots you are considering.

Lastly just remember it is your first home, more than likely it won’t be your forever house. It’s the first step in your property journey, you have time on your side so be mindful of not overcommitting yourself. Once you are in the market and you have an asset that should appreciate over time, you will be amazed at the amount of doors that then open.

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