How smart first home owners find their dream home
Starting Out
When first home buyers search for their first home it can be exciting but also mind boggling. Trying to decipher where you want to buy, how much to spend, what kind of home you want takes time. So while you may feel a sense of urgency, be careful not to rush into the wrong decision. 
Pre-approval
A home loan pre-approval allows you to house hunt with confidence. Once you have the pre-approval you know how much you can afford to borrow and will be taken more seriously at home opens. If you apply for a first time mortgage after you have found your perfect home, negotiate an offer that is subject to finance.
It is vital that you have already obtained a pre-approval if you buy at auction, as you generally can't withdraw from the purchase once you've bought the property.
Choosing your Location
Are you looking to buy in the city? Or would you prefer to live further out in the suburbs? Perhaps you live in the country and want to buy there. We all know that as you go further out of town the property tends to get less expensive and you often get a bigger home for your money. However, buying in the city may be a better idea if you work in town and have other commitments centrally.
Would you prefer to live in a home that is close to public transport or shops? Maybe you have young children and would feel safer with a home that is at the end of a cul-de-sac rather than near a main road? Take some time to write these ideas down. If you are purchasing a home with another person, our partner or a friend, now is the time to make sure you both agree on important factors.
Top Tip: Write these ideas down. Having your preferences down on paper makes it a lot easier to compare and understand your ideas, and means that you won’t get confused if you are still looking in six months time.
Type of Property
Are you looking for trendy and modern, or practical and inexpensive? As well the aesthetics of the property, there are many different types of homes to choose from. Choose the type that suits you and your lifestyle.
- Townhouses
- Apartments
- Units
- One storey
- Multi storey
- Single Family
- Family houses
Property Size
You need to decide how many bedrooms you need. This may be different to how many bedrooms you want! For your first home, consider if you can afford to have two or more spare rooms just sitting empty. You may have a family, and therefore need more room, in this case consider the extras such as a garage or a garden.
Consider things such as gardens, which can take a lot of work, and the size of the plot. Obviously the bigger the total land the home sits on, the more expensive it is going to be. Is there extra room for renovations or extensions? It is important that when you buy first time you only buy what you can afford. This may differ from what you want! Your budget is the guide to how much you can afford to spend.
Also consider:
- Special amenities such as fireplaces, pools or spas.
- Plumbing and electrical work as well as heating/cooling options
- Is there cable or DSL, satellite available?
- Sewer, cesspool or septic connections.
Top Tip: Buy what you can afford. This may differ from what you want! If you are on a tight budget for your first home, and you don’t need extra space or extra bathrooms, then go without them.
House Hunting
Once you have decided on the kind of property that you want you can start house hunting. Talk to property agents to find out what properties are available in your chosen area, and also look in the paper or on line. Visit home opens and don't be afraid to ask the property agent questions. Taking notes and photos can help you remember each property's features or shortcomings, especially when looking at a number of potential homes.
It's important to remain objective when viewing the properties and not get swept up in the moment. Remember, some flaws may be hidden! Take a trusted friend along so you can enjoy the benefits of two opinions. But remember, this is your home not theirs, so listen to their advice and opinions cautiously.
Finding a property
Real Estate Agents
It is a good idea to leave your details with an agent so they can contact you if anything becomes available in your price range. Tell the agent what type of property you are looking for, in what area and how much you are looking to spend. They will have a catalogue of homes, and their listings will often be displayed on the front window as well as on their website. Take a look and view them, and ask to be contacted if any new properties come onto the market.
On line search
It’s not really enough to leave it all up to a real estate agent. You must be pro-active and search yourself. Many real estate agents list their properties on line. There are also several websites where you can enter your search criteria and find the relevant properties within seconds. Sign yourself up for the email alerts that notify you as soon as new properties become available.
Newspapers
Local Classified advertising in newspapers is a great way to house hunt. You can cut out properties that you like, and then contact the relevant agent to arrange a viewing. Usually the property section is a lift out so you can easily keep the listings with you.
Top Tip: Use a combination of newspaper listings, on line searches and real estate agents to find your dream home. While an agent can be very useful to you, you must also be pro-active and search yourself for available properties.
Contact your local mortgage broker to hear more about ways to find your perfect home. Call us on 
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More in this Section | | Dramatic cuts to interest rates, boosts to the First Home Owner Grant and easing property prices have combined to create a great platform for first home buyers.
| Buying first home at auction? Our guide is full of practical advice and will have you feeling confident in no time.
| Your first home loan doesn't have to leave you broke. We have clever strategies to make home ownership more affordable.
| We show how to breeze through the home buying process by helping you avoid common first home buyer mistakes.
| Home loan advice you need to avoid costly mistakes. Read on to find out more about the myths exposed.
| Here is our checklist to help you get organised. | Choosing the right first mortgage will be easy once you read our guide. | Top tips for anyone buying their first home. | Are you a first time home buyer? Make sure you don’t get caught out. |
First Home Grants
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Get the Most out of your FHOG
The top five ways to maximise the first home owners grant and get the true benefits. |
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What you you wanted to know about FHOG but were too afraid to ask! |
Buyer beware! Top 4 mistakes first home buyers make and how to avoid them.
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We have clever strategies to make home ownership more affordable. |
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First home buyers need to be extra careful when it comes to a first mortgage. .
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