by Lisa Montgomery, Head of Consumer Advocacy 26/06/2007

Location and research tend to be the secrets to getting the most out of the purchase of your first property.

When you’re buying your first home it can be an emotional experience, often governed by things like ambience and your personal taste. And why not – you’re the one who’s going to live there after all!

What can work better though is to balance out those emotional drawcards with a few cold hard facts – such as what’s the best location you can afford on your budget, what areas are offering value for money, and what facilities do you or your family need easy access to.

Start by targeting the suburbs or areas you can afford and would most like to live in. Establish the general price range for the type of house or unit you are after by reading local newspapers, checking with local real estate agents, and making use of online property listing services such as domain.com.au and realestate.com.au.

Next you can narrow your search down further by deciding on what amenities you will need to be near – such as schools, public transport, shopping centres and parks. Are there any streets you would want to avoid, such as busy thoroughfares? Does the local Council have any developments plans that will affect a particular location?

Next it’s time to create a checklist of all the features you want in your home – keeping in mind how long you’re planning to live there and how much your needs might change during that time. For example, if you’re planning to bring up a family in the home you’ll undoubtedly need more space and possibly a decent yard.

Your checklist should include such things as how many bedrooms and bathrooms you want, whether you need a garage, the size of the block of land, etc. Obviously you may not be able to afford everything you want but it gives you a place to start when choosing houses to view.

Once you’ve narrowed down the areas you’d like to live in and created your checklist it’s time to hit the property market with gusto. Start going to open houses, attend some local auctions, and put your name down with real estate agents in the area and let them know what you’re after.

To view part 3 "Savvy Home buying", click here.

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