5 Top Real Estate Investment Tips For First Time Home Buyers

Buying a home is a very special moment in one’s life. Different people have different reasons to buy a house. For some, it is an escape from monthly rent payments and helps them become their landlord. 

While for others, it might be an investment from which they might generate a passive income. When buying a house for the first time, you should take your time, understand the whole process and look for good property investment opportunities. 

Property buyers need to be cautious while buying their first home, as it is one of the largest financial investments one can ever make. Luckily, we’ll be walking you through the top 5 tips to make a better real estate investment for first time home buyers.

1. Pay For The Right Location

While buying a house, the most important thing to keep in mind is the location. This factor is the major driver in determining the cost of the property. 

Furthermore, there are other factors that determine whether the location is investment-worthy or not. Firstly, the city or town where the person wants to reside must be decided. 

The higher the city is developed the more would be the property rates as per data. The city that has less room for additional growth is known to have higher priced properties as compared to spacious underdeveloped places. 

The neighbourhood is another aspect that determines the cost of the property. An ideal neighbourhood should have good accessibility, appearance, and facilities.

Try looking for a safe neighborhood that provides easy access to facilities like grocery stores, schools, hospitals, markets, various necessary services and has good road connectivity.

A developing neighbourhood promises future developments and can be considered a good investment. Development in infrastructure would give a better property price in the future and hence is an important aspect.

2. Choose The Right Financing Plan

The most important point one needs to keep in mind is determining the budget. Try to figure out how much you can afford for the down payment and how much you need to borrow. 

There are several types of home loans available in the market, and you need to find which best caters to your needs. As this can be a bit of a difficult task, it is best to take the help of property advisors. 

One such reputed advisor in this industry is Quarter Acre. Seeking advice would help you make better financial and indeed real estate decisions.

3. Use The First Home Owner Grant     

If you’re a new home buyer you can be eligible for the First Home Owner Grant (FHOG). This scheme was introduced on July 1, 2000, to ease the effect of GST on home ownership. The FHOG is in place to assist first-time homebuyers to buy their new home as their principal place of residence. 

The government-funded program can be beneficial and a grant of up to $10,000 can be provided under this scheme. Thus, it is important to know about the scheme and save a decent amount while buying your home.

4. Budget For All Expenses

As discussed earlier, making a budget is extremely important while buying a property. Firstly, you need to determine how much you can afford. What might be affordable to one can seem to be relatively costlier to another. 

Thus, budgeting varies from person to person. By consulting a property advisor, you can plan your finances, compare the best home loan rates and negotiate.

5. Take Help Of Property Experts To Build An Effective Strategy

Having an experienced and smart property advisor on your side can help you cut off all the inconvenience. They can help you with their expertise in their industry and can help you get a good property at a better price. 

A reliable expert can also guide you towards the best financing plan according to your needs and help identify good real estate investment opportunities. 

From finding the best property to saving you from below-par deals, Quarter Acre has got it covered for you. Easing down the process for our clients, we are a team of highly motivated professionals that make your real estate experience convenient and effective.

Conclusion

Buying your first home can be a long process. However, this decision can be one of the most important decisions of your life. If you stick to the buying process and keep in mind all the tips, the real estate journey might not be stressful.

Finding a property advisor who is experienced, reputed, and trustworthy is important. Quarter Acre has helped various clients to buy their first home in Sydney, Melbourne, Adelaide and many other cities throughout Australia. 

Contact us and understand how Quarter Acre can help you too to make your first buying experience trouble-free. Remember not to be in a hurry, be responsible, and educate yourself about everything associated with buying a home.