5 Essential Steps to Becoming a Homeowner
Let’s be honest buying your first home in New South Wales is no walk in the park. It’s one of the biggest financial commitments you’ll ever make, and without a solid plan, it can quickly become overwhelming. But with some smart preparation, the whole experience can be far less stressful — and even exciting.
According to Wendy Brown, Head of Broker Sales at Macquarie, one of the biggest pitfalls first-time buyers face is letting emotions take over.
“People get caught up in the fear of missing out,” she explains. “They panic, fall in love with a beautiful kitchen or a nice view, and overlook things that really matter.”
Her advice? Don’t dive in blind. Before you even start browsing properties, sit down and create a list of what’s non-negotiable for you think location, number of bedrooms, access to transport, parking, etc. Figure out what you’re willing to compromise on, and what you’re not. This will be your guide through the noise of house hunting.
And if you’re thinking about buying off the plan, make sure the property fits your current lifestyle whether you’re flying solo, buying with a partner, or planning for a growing family.
💡 Bonus tip: If you’re a first-time buyer, you might be eligible for government perks like stamp duty exemptions. It’s worth checking what assistance you can tap into you could save thousands.
The 5 Smart Steps to Buying Your First Home
1. Know What You Can Borrow
Before you start daydreaming about floor plans and balconies, find out what you can actually afford. Book an appointment with a mortgage broker and bring along your ID, payslips, bank statements, and details of any debts. They’ll help you determine your borrowing power and assess how close you are to being ready to buy.
2. Pick Your Patch
Most people want to live close to what they know family, friends, work, and weekend coffee spots. Stick to areas where you already feel at home. It makes settling in a whole lot easier.
3. Choose the Right Property
For many first-timers, buying off the plan is a smart move. Why? For starters, apartments are significantly more affordable than houses especially in Sydney, where houses are nudging the $1.5 million mark, while apartments hover closer to $760,000.
Buying off the plan also brings a few extra perks: smaller upfront deposits, potential tax benefits, time to save more before settlement, lower upkeep, and the chance for capital growth before you even move in.
Just make sure you’re buying from a trusted property developer. Companies like ALAND, for instance, have been building homes for over two decades and have a solid reputation for delivering quality.
4. Find a Conveyancer You Trust
A good conveyancer will guide you through all the legal and contractual steps of buying your home. Rather than picking someone at random online, ask around. Your broker, friends, or family may have someone they recommend and a personal referral usually beats an anonymous review.
5. Open a High-Interest Savings Account
If you’re buying off the plan, there’ll be some breathing room between paying your deposit and final settlement. Use this time wisely. Put your money into a savings account with a competitive rate every extra dollar you save now is less you’ll need to borrow later.
Final Thoughts
Ken Morrison, CEO of the Property Council of Australia, believes buying off the plan is a great way for first-home buyers to get ahead; as long as you’re dealing with a builder who knows what they’re doing.
“If you get in early, you’re not just securing a home — you’re often getting the first pick of the best layouts or views,” he says. “Plus, with tighter regulations now in place, buyers can move forward with a lot more confidence than before.”
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