First Home Buying and How To Do It!
How to purchase your first home.
You are considering one of the biggest financial investments in your life, something that is not taken lightly. The most frequently asked question we get asked is what are the first steps to take?
Where do I begin?
I know the thought of purchasing your first home can be overwhelming but here at Arcadia homes QLD we have devised some simple steps for you work through to help sift through the endless amounts of information out there.
Getting your finances in order
The first thing to consider is your finances: How much can you afford to spend on your mortgage repayments each week? How much is a lender willing to give you? Have you saved enough of a deposit? All of these factors need to be taken into consideration to ensure you can get preapproval form a leader. There are a range of mortgage brokers and banks that would be able to assist you through out the Sunshine Coast, Moreton Bay and Brisbane Regions.
- Setting your budget
Once you have preapproval from your finance lender you are able to set a budget that best suits you and your lifestyle. Knowing your budget for what you can afford, is the key to deciding what type of property you can purchase.
To buy an existing property or build?
Once you have set your budget you can really begin to consider if buying an existing property or building a new home suits you and your lifestyle better. There are pros and cons to purchasing an existing property and building new. The benefits to purchasing an existing is the convenience and a wider choice in property location.
If you are purchasing an existing property for your first home it may require spending more to get the location that you are wanting to live in or alternatively sacrificing this and moving further away from the coast, work or family. The wear and tear on the home is another thing to consider when purchasing an existing home, they are also not personalised to suit your style. With ever increasing people wanting to move to South East Queensland we are finding more and more existing residence prices getting pushed up well out of first home buyers reach. First home buyers will often have to settle on an existing dwelling that still requires work in order to be able to afford a house.
If you are building a brand new home, yes you will have to live in the estates. However these are often jam packed with new infrastructure including bike paths, parks, new schools and speciality shops. Building a new home for your first home will allow you to have new fixtures and fittings, appliances and tailor your new home to your specific tastes. Did you know that whilst we have homes designed specifically for these housing estates we can also custom design a home specifically for you and your family at no additional cost! Currently there are a mixture of builders grants, first home buyers grants and stamp duty exemptions that may be available to first home buyers. For an up to date list please follow this link to the Qld governments housing information
We are Building
Once you have decided that building is the best option for you, we recommend choosing your land before you consider any home design. Depending on where you choose your block of land the land size and cost can be a prerequisite for the home design options you have. If you choose a large block you have more creative freedom in the home design, however if you choose a smaller block you may only be able to fit certain home designs onto it.
Here at Arcadia homes, we absolutely love working with our clients to design their dream home whether it be large or small. Arcadia Homes QLD offer a variety of move in ready homes that are priced to include site costs suitable for the majority of land estates on the sunshine coast and Moreton bay region. If you can’t find a design that you love, easy get in contact with us now and we can custom design your dream home to suit you and your block. Best of all we don’t charge any additional amounts for a custom design.
