Buying your first home is one of the proudest achievements in life. But before you get the keys to your new home, there are quite a few things that you need to consider. Waterstone Realty will walk you through every step of the process, so you can make your first property purchase with confidence.
1. Don’t believe the hype (good or bad)
When you set out to buy a house, you will likely quickly become familiar with deciphering real estate speak and how people market homes.
The key takeaway here is, do your own research to find out a house, area you like and so on is right for you. Don’t just take someone else’s word for it.
2. Visit the location and do some fieldwork
The old property maxim still holds true. But that doesn’t mean inner city rules.
You want a property that delivers what you need now, or enough of what you need that you’re happy to compromise for longer term capital growth.
Be very clear about what matters to you
- Access to major roads;
- Public transport;
- Shopping or entertainment hubs;
- Cultural diversity.
Shortlist areas that deliver on those needs.
Look closely at what developments or infrastructure is planned around the area in case your quiet corner is about to become a developer’s haven.
3. Consider surrounding suburbs
If your target area is out of budget, consider more affordable neighbouring areas.
Before you buy, talk to friends, family or residents to get their views on the region and its best streets. If you’re attracted to an area because of its rising value, remember that may spill over into next door suburbs.
4. Monitor close to home
If you’re looking to buy a property in an area where you’re already living, take a close look at other properties that go up for sale nearby. Look at how they’re marketed, how well inspections are attended and how long they spend on the market.
This will give you an indication of how the market is doing in your neighbourhood and can guide you on the price you should be paying for a property close by.
5. First time buyer benefits
A person is eligible to the first-time buyer registration duty exemption even if he or his spouse is or was the owner or co-owner of an immovable property acquired by inheritance provided the land area is now less than 20 perches.