Guide to Buying your First Home

26 GUIDE TO BUYING YOUR FIRST HOME account until settlement. The big advantage here is that you do not require the full deposit on the land and house at this point, but you are still able to secure the lot of your choice and you will now have time to save the balance. You are out of the starting blocks and on your way to that first home. Before going down this path, I suggest you meet with your bank because you need to be very comfortable that you can save the balance in the time it takes for the developer to construct your block of land. Once you have the land contracted you have locked in the price. This is a great feeling; you have land secured under your name and no price increases can now affect you. You now have the dimensions (the width and depth) of the block of land to enable you to start searching for the perfect house design that fits nicely on your land. Buy direct from a developer, you should visit land sales centres on the fringe of the city, buying from the developer or their representative, then venturing out to buy direct from a builder of your choice. It really is this simple, do your homework, don’t buy at the first land office you walk into, get comparable prices on other developments nearby and make an educated decision. Buy on a quality development, this will be evident by its presentation and the design guidelines set for the development. Don’t just buy land based on it being the cheapest. Look around and see the quality that the parks will be and what else is on offer. See where the shops and other facilities will be. Then do the same with builders, visit some display homes and check what inclusions they all have, get an estimate of what each of them will cost on the land you have purchased. This is your first home so it is important not to get carried away with luxury fittings that will blow your budget apart. The builder will try and up-sell you all sorts of items so remain strong and resist the temptation. You can always make some alterations in future years when you have paid down some of your mortgage and sitting more comfortably. Most people don’t stay in their first home much longer than 7 years so why pay extra for things you can live without? The key factor is getting started, purchasing your first home. Stay focused and avoid the extras that will make your goal unachievable.