Where To Buy Your First Home

When deciding where to buy, one of the biggest decisions you’ll make as a first-time home buyer is whether to purchase a house or an apartment. Our team at My LMI Group can help you weigh your options and choose what’s right for you.

If you have your heart set on a particular postcode, you need to keep an open mind about other possibilities.

Understand The Following:

• Where you want to buy
• Where you can afford to buy.
• Suburb and property reports

My LMI Group provides you with a range of free suburb and property reports to help inform your buying decision. These reports show you the median price of properties in your ideal area, highlighting where you could afford, as well as how prices have changed over time.

This information may help you make an informed decision about the property you want to buy. Keep in mind that prices vary not only from one suburb to another but also from one street to another.

If the prices of properties in your ideal suburb seem too high, you might consider a renovation project.

Where Should I Buy My Property?

A good suburb should meet your budget and lifestyle needs. The saying ‘Location, location, location’ is still true today as it was in the past. But you may have to be flexible with your choice of suburbs to find an area that meets both your budget and lifestyle needs.

When considering a new home, consider your priorities. Think about what matters most to you—like being near friends or family, having places to enjoy your favourite things like golf or surfing, plus local shops and restaurants if you like going out. If you love the cafe scene, but don’t want to live in the city centre, consider an affordable inner suburb with plenty of nearby eateries.

Living close to natural features such as beaches, parks and rivers can contribute to the quality of life in a suburb. If you like spending time outdoors swimming, enjoying scenery, or going on bush walks, consider the natural environment when choosing a place to live.

Next, consider what your future needs will be. If you’re thinking about starting a family, it might be worth your time to research the quality of local schools and day-cares. It’s helpful to keep in mind that there are many different types of homes out there, and what you need now may not be the right property type for your future needs.

When determining the best suburb to buy a home, you should also consider future growth potential. Any rise in your first home’s value could help you move up to a larger property.

Last, but certainly not least, consider how close the property is to your workplace or new employment opportunities. A long daily commute will not only impact your quality of life, but also your expenses for travel.

What Locations Are In My Budget?

First-time homebuyers often have a tight budget, but there are options available to them, such as low-deposit home loans and joint mortgages.

It is worth thinking about whether you have considered all the affordable suburbs in which to buy property. In Australia’s growing outer suburbs, land values can be relatively affordable and it may cost less to build a new home in the suburbs than to buy an existing home further in.

In some states or territories, the First Home Owner Grant is only available for new homes.

What Next?

When you buy your first home, it can be an exciting and overwhelming experience. But you don’t have to do it alone!

My LMI Group is ready to discuss how we can help you progress your goal of first home ownership.

If you are not yet ready to take out a home loan, we offer tools and calculators that can help you learn more about the home-loan process.