Buying your first home is exciting, inspirational and rewarding. At Peet, we also understand that it can be daunting. So, it’s important to arm yourself with the right tools and information to ensure that you’re in control and the process is seamless and stress-free.
As one of Australia’s largest and most respected property developers, Peet has been helping first home buyers realise their property dreams for over 126 years. Not surprisingly, we have a wealth of experience to share.
We’ve drawn on our knowledge to organise your first home buying journey into 5 steps – simplifying the process and helping to make sense of all of the information and options available to you.
Step 1 - Finance
Buying a home is likely to be one of the biggest financial decisions you’ll ever make, so it’s vital that you understand the process involved in securing finance. Before you meet with a mortgage expert, it’s important to get a clear picture of your financial situation so you know how much you’ll be able to borrow and repay. Be honest with yourself, track your spending and set up a realistic budget to help get you to your deposit savings goal faster.
Step 2 – Finding your Perfect Community
With community playing such an important part in our lives, it’s important then to pick just the right community for you. Firstly, consider how you want to live your life - your community should support your ideal lifestyle. What do your family do each day, that you need to be close to? For most people having easy access to work and school means a simple, stress-free life. So, balancing what your evening and weekends look like with an easy commute to work is important.
Step 3 – Choosing your First Home
Deciding on the right home for you and your family is far more than picking the number of bedrooms and bathrooms you’ll need. As with finding the perfect community, the best place to start is by considering how you live your life. Do you work long hours and only come home to eat and sleep? If so, a terraced home or apartment might be a good option for you. Or do you have young children and entertain often? Then you’ll want a home with good indoor/outdoor flow and an alfresco dining area. Remember to future-proof your decision by taking into account any major life changes on the horizon in the next two-five years.
Step 4 – Contracts & Settlement
The legal aspect of the purchasing process is very involved, with many stages and important documents to be aware of. Engaging a legal expert called a Conveyancer, to guide you through the process is imperative. The best way to find a quality Conveyancer is through referrals. Ask your friends and family whether they have used a Conveyancer that they would recommend. Alternatively talk to your mortgage expert, or another professional with whom you have a good relationship with who may be able to recommend the right person.
Step 5 – When it’s Time to Move in
And finally, all of your hard work is about to pay off – you’re only a step away from starting the next chapter of your life. There are many things you can do to ensure the moving process goes smoothly. It might sound obvious, but remember the keys to your new home - in amongst the excitement, these things can be overlooked. It can also be a good idea to have a friend or family member organise water and snacks for the day. With so much to do, eating can drop down the priority list, but keeping yourself (and your helpers) fed and well-hydrated will help to keep the momentum up – getting you moved in, and unpacked faster so you can begin to make your new house, a home.
If you found this advice useful, register today for Peet’s First Home Buyer Toolkit, packed with handy downloadable checklists, factsheets, comprehensive guides and exclusive expert advice, it’s a definitive resource for anyone looking to build or buy their first home. Organised into the same five easy steps listed above, it has everything you’ll need to secure your first home – so you can relax, and enjoy the journey.