Being a first home buyer can be a very daunting endeavor. It’s hard to know what is right and what is wrong when you have never done anything like this before. Cost and finances play a huge role for any construction project and for first home buyers this is no exception. Read on to learn more about what a first home buyer should be focusing on in their approach to building their first home.
The initial step for first home buyers is understanding finance. Have you already been pre-approved, do you need to meet with a lending consultant or mortgage broker to know how much you can borrow and how much you need to have saved for a deposit? Finance is clearly key when it comes to building a new home, so it’s good to get this step out of the way from the start. This helps first home buyers understand what is within the budget and assists with planning out your new home.
First home buyers in NSW are also potentially eligible for a duty concession and/or a first home buyer's grant. You can learn more about this practice specific to first home buyers here.
While having the deposit and finances sorted out in this first step, it is also important to be aware of additional costs.
Some points that need consideration are:
- Lenders mortgage insurance
- Solicitor/conveyancing fees
- Borrowing costs including mortgage/loan application fees
- Home and contents insurance
- Moving fees
- Council rates
Have questions?
If you would like more information, contact us or come in and see one of our experienced, new home consultants.
Once you have secured your finances and understand your budget, we will begin our new home process as normal.
We try to keep our process as simple as possible for our clients, especially for first home buyers who could be feeling overwhelmed just at the concept of building a home. As a business that focuses on a personalised approach, we strive to make sure every new home build is as easy and seamless as possible. While the building process is unique for every client our 10 steps building process helps to ensure the process is as seamless for our clients as possible.
We're here to help
If you’re a potential first home buyer ready to take the next step in creating your new home but still feel lost with where to start or overwhelmed by the whole process, our experienced team can work with you. We are passionate in helping bring ideas to life for our clients and are ready to make your dreams a reality when you are. Get in touch today.
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