Buying your first home is an exciting and challenging time. Understanding the process as a first-time home buyer is crucial for making wise choices and guaranteeing a successful transaction. With our top 12 tips for first home buyers, this guide helps you navigate the process and acts as your compass.

1. Setting your budget

The first step is to determine a realistic budget. How much can you afford to spend on a home? Don’t forget to include additional costs such as legal fees, inspections and stamp duty.

2. Securing finance

With a budget confirmed, you can now set about exploring finance options. Look into traditional mortgages, as well as government grants for first time home buyers. Using a mortgage broker is often a great idea because they work with many different lenders, and can often help you find the best loan for your specific circumstances.

3. Location and property type

Buying your first home is not simply about finding one within your budget and making an offer. You also need to consider its location, its proximity to work, local amenities such as schools, shops, parks and more, and the potential for future growth. Decide what type of property suits your needs best – a flat, townhouse or house.

4. Do your due diligence

Once you’ve found your ideal home, you must conduct due diligence. This involves hiring professionals to do building and pest inspections, and obtaining a property valuation to ensure you’re paying a fair price.

5. Seek legal guidance

Hire a reputable conveyancer or solicitor to handle your legal affairs. You’re best off choosing one who has property law expertise,  to ensure you receive expert guidance through all legal aspects like contracts, title searches and property settlement.  We will also look into proposed infrastructure and development plans in the Moreton Bay and Sunshine Coast region which may affect your property in the future.

6. Property contracts

Pay close attention to the property contract. Make sure you understand the terms and conditions of that contract. You should read sections relating to conditions, inclusions, and guarantees carefully. If there are any terms you're unclear about, seek legal counsel with NPR Law.

7. Building and pest inspections

Before signing the contract, it’s wise to have an expert perform a building and pest inspection on your prospective new home. They’ll check for pest infestations and structural issues. If the inspector detects any problems, you can negotiate repairs or a reduced price with the seller.

8. Government grants and incentives

Always thoroughly research any currently available government grants and incentives for first home buyers. These grants and incentives can significantly reduce your upfront costs.

9. Negotiating the offer

You’ve found a home you love. Now it’s time to have us help you negotiate a fair offer. Keep in mind that this process is not all about the price. Terms and conditions also play a role.

10. Property settlement day

This is where you officially take legal ownership of the home. We will handle the process on your behalf, ensuring all parties fulfil their legal obligations.

11. Ongoing costs

After the purchase, you must consider ongoing costs like property taxes, homeowner’s insurance, contents insurance and general property maintenance.

12. Future resale

While buying your first home is an exciting time, it’s also wise to think about its resale potential. Factor in things like its location, prospects for growth, the property’s condition and improvements you might want to make, and future plans for the local area. These could all impact future value.