Tips for young families buying a home By Anna Evans
August 24, 2023 | IN Together Magazine | BY Holly Brennan | 3 min read
When I was younger, I always thought buying my first home would mean toughing it out in a cramped apartment with a touchy hot water system and peeling walls, until you could build some equity and move on to your dream home. Much to my relief it turns out that’s not the case!
However, that doesn’t mean the process is entirely free of obstacles. I certainly learned the ropes when buying my first home and I’m sharing a few simple tips to help you find the perfect first home.
Here’s Anna’s tips and tricks to get you started
1. Get pre-approval
First thing’s first. It may seem obvious, but getting pre-approval is a vital step when buying your first, second, or third home. Think about it… you wouldn’t shop for a car without knowing how much you can spend and whether you can finance it, so why would your home be any different?
Talk to your bank as soon as you start thinking about buying. They’ll be able to give you an idea of how much you can borrow.
2. Know what you need from your new home
Are you planning to start a family? Do you need a bigger home to meet the needs of your growing family?
- How are the local schools and childcare centres in the area?
- Does the neighbourhood and its local amenities suit your needs?
- Will a large backyard and local parks or playgrounds better suit your lifestyle than an inner-city apartment? • Is there enough storage space for everyone’s ‘stuff’?
- Does the layout of the home suit your family’s lifestyle?
Make a ‘must have’ and a ‘nice to have’ list which covers all that you’re looking for in a home. Keep this handy when you’re hunting for your new property.
3. Know what costs you’re in for
Owning a home is worlds apart from renting, and if you’re making the leap to your first mortgage, it’s important to understand the other costs that you might have to factor in.
Speak with your financial advisor and get a break down of all the costs you can expect to incur when you purchase your new home.
4. Ensure the proper inspections are done
Your lender will most likely want an appraisal done before you purchase your home, however there are other inspections which are also important to consider.
A building and pest inspection will ensure the property you’re about to buy is in a sound condition and warn you of any potential issues. Inspecting for pests such as termites is also important if you’re buying an existing property.
Consider buying a house and land package – you won’t need to worry about any structural issues or degradation from pests like termites.