Home Buying Guide

How do you buy your first home in Melbourne Australia?

Buying your first home is an exciting phase in your life. After decades of staying with parents and renting, you can finally look forward to staying in a place called "My Home". It is exciting, but it can also be very daunting, especially if it is going to be your first home.

How do you buy your home in Melbourne? Top home buying tips.

Buying a property used to be as simple as looking through the listings, attending the open for inspections, and making an offer for the property. It was simple.

But thanks to modern day marketing, it is unfortunately full of complexities now. Given that it is possibly the single largest commitment you make in your life, do it wrong, and it will become your biggest liability in life.

As Melbourne based Buyers Advocates (Buyers Agents), our buyers agents have been buying properties for over 20 years. Our experience working with our home buying clients shows that many home buyers are not properly prepared to prevent themselves from buying a lemon or a dud property.

While it is usually not the home buyers fault for being ill prepared, some buyers had unfortunately believed Dr Google and Prof Facebook are fantastic sources of information. Many believed they had instantly become property experts simply by googling for answers and crowd sourcing advice from online communities. You would not believe the hard time we have, trying to correct some of our client's misinformation.

Every home buyer should know, the whole real estate buying process is stacked against the typical buyer. A typical property seller has a trained selling agent protecting and working for them, while a typical property buyer are usually left to their own devices. Buyers are usually left to deal with an experienced professional who had been trained to extract every cent from them.

In this article, we have compiled a step by step guide to owning your own home. We will also give you some facts which you must know, and some buying advice on how you can avoid problems later. As most people do not buy more than 3 properties in their lifetime, these mistakes are applicable to both first home buyers and home buyers as well.

5 Top Tips for the First Home Buyer

As buyers agents, our First Home Buying service has helped many first home buyers buy their first homes fast and confidently. We've seen their pain points, we've seen what they struggle with, and we've compiled 5 top tips to help first home buyers avoid the challenges home buyers go through.

1. Get your finances ready

Find out how much cash you have to pay for the property. This is the cash you intend to use for the deposit to your property. If these cash is not already sitting idle in your bank account, find out the lead time to get your cash ready, and start to consolidate these funds and bring them into your bank account. Get this ready, so you can make your offer, once you find the right property you want.​ In a buyers market, speed is critical.

Also, find out the various grants and loans schemes which are applicable to you. Some of these grants are available upfront, while some are available during other phases of your ownership journey. Some of these grants and loan schemes are:

2. Understand your borrowing power or serviceability

3. Determine what you want in your property

4. Your plans for the property

5. Start searching 😜

​​ Still not sure? Have a chat with us. Our home buying service have been helping first home buyers get into the property market, and we might be able to help you buy for home. Let's discuss if we are able to help you. Book in your free consultation.

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