Decision Or Cost: The Real Dilemma For First Home Buyers

Buying your first home represents everything that defines the classic Australian dream – prosperity, success, and safety. What’s not to love! But notice how we mentioned “home” and not a “house”.

That’s because most first time home buyers want to buy a property that’s perfect. It should give them a sense of belonging in the right neighbourhood with amenities a stone’s throw away.

In the process, they might go through emotions that span from excitement to fear. It would be easy to suggest that a first time home buyer’s fear is tied directly to their financial situation. But the story is different.

A First Time Home Buyer’s Dilemma

Turns out, the cost of buying a home may not be the main thing that’s on the mind of a first time home buyer. It’s whether or not they should be buying a home in the first place.

Let’s look at the data to start with. The average age of a first time home buyer in Australia has increased from 33 years old to 35 years old. One could hypothesize that rising inflation is the main culprit for this.

But what if it’s the fear of buying the wrong house or being sold the wrong house that’s the primary cause of concern? After all, a home is where the heart is and most people are against giving their heart away easily.

That’s why we at QuarterAcre have crafted tailor-made programs for first time home buyers. Each program includes a complete walkthrough of the aspects that go into buying your first home. Here are a few snippets.

Guide to Buying Your First Home

This part will walk you through the steps of deciding to buy your first home in a city like Sydney.

1. Introspect

Buying a home for the first time means different things to different people. Some have been known to buy their first home as an investment that can generate passive income.

Others buy it to live in it after they settle down and start a family. That’s why you need to imagine yourself in your dream house, living your daily life, and evaluate the feeling of doing all of that.

If the answer to that is clear, buying a home would make sense and getting in touch with QuarterAcre to get a better understanding of the whole process could be very useful.

2. Avoid Noise

You’ve heard someone had a bad experience with their mortgage or bought the wrong property under the wrong guidance. On the other hand, you turn on the telly and hear that the real estate sector is booming.

None of the cases mentioned above are helpful when you realise that it’s important to do what’s right for you. Cutting through the noise and figuring out your goals can make it a tad bit easier to buy your first home.

The other alternative is to talk to an expert from leading firms like QuarterAcre who have been in the game for decades. They’ll help you figure out if it’s right for you to buy your first house at this point in time.

3. Begin

“Only put off until tomorrow what you are willing to die having left undone” ― Pablo Picasso

Get the ball rolling or at least start a conversation with yourself about buying your first home. Whether or not you end up buying one is secondary, but it’s important to have your options open at all times.
Conclusion
Truth be told, buying a home for the first time is a daunting task. However, there are obvious benefits to owning a home of your own like better safety, less compromise, and tax benefits. So, think of what’s stopping you from getting that dream house – the money or the decision.

FAQs

1. What do you need to buy your first home?

For starters, you’ll need to take the leap of buying your first home. After that, you can move on to evaluating your finances and scouting for the right property in a neighbourhood that suits your lifestyle. This can be tricky so it’s advisable to talk to experts like QuarterAcre who can help you understand the whole process of buying your first home.

2. How much do you need to buy your first home in Sydney?

The median cost of a reliable home in Sydney is approximately AUD 750,000. With that in mind, you’ll need to earn upwards of AUD 170,000 to make the downpayment and keep up with the mortgage interest rate.

3. How to plan to buy your first home?

The best way to plan for your first home purchase is to talk to experts like QuarterAcre who have dedicated programs for first time home buyers.