Welcome to our First Home Buyer Corner
It's the question we all ask ourselves at some point…
“Should I buy my first home?”
Sounds simple enough, but we’ve learnt from experience, that it’s really not. Here are some key questions you should ask yourself before you even set foot in a display home.
Ready to wake up in your brand new home???
STEP 1 – AM I READY TO BUY?
If this seems like the obvious place to start, it is. The initial decision to buy your first home is an extremely exciting one, the thought of completing the great Australian dream and purchasing your own piece of dirt, how could you not get excited? But a few key factors that need to be weighed up at this point.
Do I have a steady job? Is this going to be reliable for the foreseeable future?
Have I been consistent in this job and or a similar field for the past 18 months to 2 years?
Have I already begun saving for my deposit? Can I show this to a bank if needed consistently?
Am I currently liable for any substantial debt? I.e. a car loan or credit card?
Have I always paid my bills on time? Will I pass VEDA’s new increased credit checks?
Can I afford to cover my mortgage, pay other bills and live my life?
STEP 2 – FINANCE
The simple reason we start with this after the initial enquiry, is finance is “THE KEY” to all your excitement, we can take you through the process, pick you out the perfect block and then design you the home of your dreams, but if the dollars don’t work it quickly goes from a dream to nightmare.
Prior to lodging for finance we are going to need to know your credit score, this document gives us an insight into your financial history, put simply it’s the banks way of determining how safe there money is going to be, if they decide to lend it to you, it gives them a run down of your past activities, what you currently have in the system and now, how well you have gone maintaining your bills, i.e. phone, power, insurance and the like.
Assuming this passes the initial test, we then move onto sorting a deposit. In Western Australia, we are extremely fortunate to have government backed programs like Keystart which help open the door for first home buyers to secure their new home with minimal deposit and to avoid costly mortgage insurance. To assist with your search for your perfect finance outcome, we have construction specialist finance brokers that can help.
Cook Mum and Dad dinner in your brand new kitchen with 900mm SMEG Appliances.
or just laze around in your own peace and quiet?
Having been in the game a long time I can tell you the paperwork attached to your new home loan is daunting, but it doesn’t need to be. We make this process as easy as we can by connecting you with the right finance broker, someone with experience in new home building, and someone you can trust to save you thousands of dollars over the life of your mortgage.
STEP 3 – LAND
Assuming that you have now ticked off steps 1 and 2, keeping in mind that finance can’t be officially formalised until we have a house and land contract in place to lodge, it’s time to find that block, ideally there are four key points for deciding where to live:
BUDGET – As we have already tested the waters with your broker, we can then locate something suitable to your price range.
WORK – Now we have a mortgage we are going to need to pay for it, finding somewhere in good proximity to work reduces your time on the road, increasing your time in the new home.
FAMILY – As a first home buyer we are going to be spending more time with the family and taking advantage of those free meals in place.
SOCIAL – Keeping close to friends, sporting groups, the gym, parks for the pets and good local amenities limits you missing out on too much to enjoy your new home.
STEP 4 – THE DESIGN
The final stage and by far the most exciting. Now that we have your budget sorted, the location you’ve chosen, including the block size and developer requirements for the lot, we can begin to design your home. Now it’s time to think about:
Am I looking to build a 3 x 2 or 4 x 2?
Do I want a Theatre in my new home?
Would I prefer a study or games room option?
What are the finishing’s I’m going to be able to afford in my new home?
What current promotions are on offer within the marketplace?
At ALOA we specialise in new home design and can have your home designed and costed within a 24-hour window, meaning you won’t be left waiting around for weeks to get started on your new home dream.
