We all dream of the white picket fence, weatherboard house, with a verandah that wraps around… in grey and white; close to good schools, great coffee and a backyard for the chickens? Okay they might not be your dreams… but they are someones (ahem #overhere #yesme). Owning your own house & all those future home dreams are so individual. We all like different styles of homes, different areas and we all have different needs, and especially different budgets. But regardless of what type of home you might be day-dreaming about owning, taking the plunge and deciding you want to enter the property market is a huge step. We caught up with Brad Sissons from Coronis Coorparoo and he shared his top SIX tips for first time home buyers… including one which you might not expect (and just secretly it may have been our personal favourite here at BT headquarters).
Deposit & Finance
Once you have decided now is the time to smash open your piggy bank and to enter the property market; the first step is to talk to a mortgage broker. Your mortgage broker will look at your borrowing capacity, your options and what deposit you will need. Knowing your borrowing power is a huge asset when looking for property. ‘There is no point in house shopping out of your budget as this will just lead to disappointment and heartache’ said Brad from Coronis.
Deciding on what location is crucial for first home buyers. Location, location, location! Brad says, ‘Do your research, look at what developments are happening in the area, the main infrastructure, consider local schools, shops, transport, access to main arterial roads, as well as public transport’. And if your dream suburb is just out of financial reach, look to those neighbouring ones, or research new up & coming suburbs.
There are a lot of additional costs to look at when buying your first home. Not just the purchase price, and you need to factor in these; everything from legal fees, transfer fees, building and pest report costs, moving costs, deposit to real estate, or if it is a unit or a townhouse there are also body corporate fees. A lot of buyers don’t factor all these in and it can come as a stressful surprise in the middle of that ‘under contract’ period.
Building & Pest
Don’t be scared off by the building & pest report. They are designed to show you the condition of the property and so you know what you are buying and what you may need to attend to in the coming years. Too many buyers just baulk at the report and don’t read it in depth or talk to the inspector or friends and family. It’s always important to remember that no home is going to be perfect.
Ever heard of the Japanese Wabi Sabi? In Japan broken pieces of pottery are often repaired with gold. The Japanese celebrate the flaws, as it is considered a unique piece of the objects history and adds to its beauty. Now we are not suggesting that you fill a wall crack with gold (though you can if you want to), but sometimes the little quirks or flaws are what gives a home character!
Monitor the market
Remember to also research recent property sales in the areas to use as a price guide. ‘Look at what else is for sale, not just at the same price range but below and above, this will give you a better understanding of the location and where the values are’ says Brad. Remember the property market is always going to change, so the more research you can do to better understand it, the better off you will be.
Coffee (Did we say coffee?) Yes we did
Brad’s personal favourite (and here at Brisbane Threads we tend to agree). Go to the local coffee shops in the area you are wanting to buy and have a coffee or a light meal and just sit and watch. Talk to the staff as this can give you a great insight into the area and your potential new neighbours. And if there isn’t a local coffee shop in the area just think of that as a business opportunity to open one! We all know Brisbane loves a good coffee!
Now that we are masters of the real estate world we might go and research / day-dream our first home!
Brad and his team ‘The Brad Sissons Team’ are based in Coorparoo, Brisbane. For all things real estate, selling & buying a house be sure to get in contact with Brad and say hello!