BUYING A FIRST HOME

When considering buying a first home you must consider the pro’s and con’s of renting verses buying.  You must consider where you will be able to purchase a home that is within your budget and what the costs are associated with the purchase.

TO RENT OR BUY?

PRO'S OF BUYING

• Buying a first home gives you a sense of belonging with a place of your own

• You will and not be asked to move by your landlord

• You also can make alterations to your home as you please

• Owning your own home can be one of the best long term investment strategies that you will ever make

• When you buy your own home the repayments pay off some of your principle so that eventually you own the home.

THE CON'S OF BUYING

·         Renting gives you the flexibility to move around more

·         Renting does not require you to tie up all your savings in a home deposit

·         If you rent you can use the money that you have saved to travel, buy a car, furniture or invest elsewhere.  

Whether you decide to rent or to buy is a personal decision but  buying a first home is easier than you think and you will not need as much deposit as you may think. New Homes Direct can help you every step of the way helping you avoid the pitfalls of getting into you first home.


FREE EBOOK FOR NEW HOME BUYERS Turning your dreams into reality.

Download

BUYING A FIRST HOME AND DECIDING WHERE TO BUY

There are a number of factors to consider when deciding on the location of your new home.

·         The ease of work travel. Where do you work and how are you going to travel to work?

·         Is public transport available and do you need access to public transport?

·         How far are schools away from the location you are considering?

·         Where are shops and services located?

·         Are local medical services close by?

·         What is the location of sporting facilities, how far are they?

·         What recreational facilities are close by and which ones are important to you? You may wish to consider how far local beaches are and if there are boating facilities close by.

·         You will need to consider what your long term strategy is when buying a first home.  Are you going to living in the home for a few years and then sell and build a new one or is this your forever home?

In deciding the location of your new home you need to consider what you living experiences are going to be like in that location and the lifestyle experiences that are important to you.

Pic of a kitchen that when buying your first you may choose as your inspiration
Internal picture looking outside from the lounge room

UNDERSTANDING THE EXTRA COSTS INVOLVED

When deciding to buy a new home you need consider the extra costs involved.

• Do you have to pay stamp duty when you purchase your new home?

• What are the costs of hiring a solicitor?

• Will you have to pay for mortgage insurance?

• How much will it cost to finance the loan during the construction of your new home?

• What is the cost of moving into your new home and is your home full turnkey, does it included things like fencing and landscaping?

It is important when buying a first home that you take all cost factors into account. We at New Homes Direct can explain to you how a building contract works and the importance of having a full turnkey fixed price contract.  Please feel free to visit our first time home buyer mortgage page for more information on mortgage requirement and deposit required.

Subscribe to Gateway, keep informed, save with special offers and lots more. 

Don't worry your email address is totally secure. I promise to send you only the Gateway newsletter.