How to choose your first home

By the resi financial blog team, 05 September 2013

How do I choose my first home?

Buying your first home is an exciting experience - not only are you able to call a home your own, but you will be making a stable and valuable long term investment.

However, choosing your very first home can be difficult. Delving into a market jam-packed with properties full of opportunity can be overwhelming.

So to help you spend your first home loan wisely, here are some tips you may want to consider when looking for a house.

Location

Property is a long-lasting investment, which means that you need to think about your future when buying a home. Will you be starting a family? Are the schools in the area any good?

A helpful way to determine if the area is a suitable location for you is to rent a house there for a few months to get a good feel for the neighbourhood.

This gives you an opportunity to test out the suburb that you would like to buy in.

Property type

When looking for the type of property to buy, you may want to think about the sort of lifestyle that you wish to have. For example, if you spend a lot of your time working in the city, then you may want to consider buying an apartment in the city.

Alternatively, if you have children and want to grow your family in the future then it may be a good idea to look for houses in the suburbs.

Budget

In order to work out your budget, it’s a good idea to speak to a loan specialist to discuss the best home loan for first home buyers. Determining how much you can afford to spend will largely influence what type of property you buy, and what price range to look at.

For some of the best fixed interest rates and expert advice around, contact one of the loan specialists at resi today.

Categories: Home Loans