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4 Tips for the First Home Buyer

The very first thing you should know about buying a home is whether or not you’re eligible for the First Home Owner’s Grant. It’s a handy kick-start towards saving up a deposit. But after that - as with any major new life experience - there’s so much more to learn! 

Here are 4 things you’ll be glad to know, before you buy your very first home.

Factor all the extra costs into your budget

The price of your house and land won’t be the only costs you’ll need to cover. Keep in mind the costs of moving, unpaid council rates, conveyancing, possible lenders mortgage insurance, home and contents insurance, potential land transfer duty, loan applications, ongoing bank fees and building inspections too. 

For your comfort, you may like to set yourself a small buffer amount on top of all of these costs for anything unexpected. 

  1. There are special savings for newly built homes

As a first home buyer, you’ll likely skip having to pay tens of thousands in land transfer duty (commonly known as stamp duty). The home you choose must have a “dutiable value” under $600,000 to receive the full exemption.

When you buy an existing home this is usually the market value or whatever you paid for it. However, there’s an extra trick if you buy a home “off-the-plan” like a house and land package for example. The dutiable value doesn’t take into account anything that hasn’t been built yet, so you can deduct all or some building costs when calculating the percentage of duty you’ll have to pay. Basically, you’ll only pay duty on the land if the house you choose isn't built yet.  

  1. Where you live is the most important factor

The neighbourhood you live in will have more impact on your life satisfaction than the house itself. So make sure the suburb you choose has enough amenities for your convenience like transportation options, schools, shops, medical centres and parks.

It's also a good idea to check what kind of infrastructure is planned in the area in the near future.

  1. Liveable doesn’t mean finished

When you build a new home or opt for a house and land package, the home should be ready to move into as soon as settlement occurs and you pick up the keys. 

However, depending on the inclusions in your builder’s agreement, there will always be a few things you’ll want to buy and install a.s.a.p! Curtains, backyard entertaining areas, fencing and landscaping are common larger projects that may still need to be completed. 

There may be little things missing that will make your life so much easier like letterboxes, security features, a doorbell/knocker and door stoppers. Don't forget to save up for these items too!

 

Still have other questions? Don’t worry our sales team is here to help, and can answer any queries you may have.

You can get in touch with them on 0477 110 056 or drop down to our sales office located along Neale Road, Deanside, open 7 days a week from 11am to 5pm.

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