Tips for Buying Your First Home in Brisbane

Tips for Buying Your First Home in Brisbane

May 28, 2022 Off By Ariana Rogers

A house is your place of refuge. The home you buy might be guided by practical considerations such as price and location and personal considerations such as your lifestyle. 

Buying a new house can be one of the most exciting decisions of your life. But to bring that decision to fruition requires a lot of planning: managing your finances, finding the right location, understanding your contract and having your affairs lined up for settlement; it can seem overwhelming, but don’t let the process wear you out as owning your own home can be rewarding.

Brisbane has become one of Australia’s largest hubs for resource and energy companies in recent years. The current economic boom has increased job opportunities in the city. This article will provide you with all the relevant information to help you buy your dream home in Brisbane.

  1. Managing Your Finance

The two most important considerations are your financial situation and eligibility for financial assistance. Other items to consider are:

  • Your current financial situation
  • How much you can repay each month
  • Eligibility for financial assistance
  • Saving money for a deposit
  • Suitable timing for talking to a mortgage expert (consult a mortgage broker in Brisbane)
  • Costs and fees involved in purchasing a home
  1. Choosing the Right Location

The power of a suitable location is quite an essential aspect in choosing the first home. 

 Some of the points you need to keep in mind while choosing a location are: 

  • Whether it’s suitable for your family and children
  • Whether it’s close to some good school areas
  • Whether it suits your lifestyle
  • Whether it has gyms, cafes, amusement parks where you can spend time 

Choosing the right neighbourhood in Brisbane can be pretty overwhelming as you’ll encounter a lot of choices: urban communities, suburban neighbourhoods- it can get confusing for you. Don’t rush and weigh up your options to find your perfect home.

  1. Choosing Your First Home

Homes are an investment at the end of the day. Your first home may not be your forever home, but it is a step towards securing your dream home,

Let’s ponder on some of the choices when purchasing your first home:

  1. Buying New Home

Buying old homes might be a cheaper option, but consider the cost of any refurbishment required.

On the other hand, a new home is all set with no additional charges on your part and just requires you to move in.

  •  Townhomes

If you want a little space around you where you can live and grow, townhomes might be that option for you. They are innovative, compact, and maximise every inch of space inside.

  • Apartment

An apartment is generally a more cost-effective option that is modern, attractive, low maintenance, and highly functional.

  1. Don’t Forget the Legalities

Buying your new home has some legal procedures that must be followed, including a thorough contract with details of your purchase. To protect your interests, it is recommended that you hire a legal expert or conveyancer who will look after the exchange of contract and settlement that will meet all the requirements of the law. 

The reasons for hiring a conveyancer or solicitor include:

  • To review your contract for sale
  • To ensure the sale of property meets all the legal requirements
  • To help you under the conditions of the contract
  • To protect your interests
  • Conveyancing 

Conveyancing is an important legal step in buying a property. It includes the exchange of contracts and the duration of the settlement period (30-90 days), after which you officially become the owner.

  • The settlement period is where you need to be securing finance for your new home

On settlement day, the loan documents are signed, the tile is received, and the money is paid. 

All you have to do is move in, and you are now ready to enjoy your new home!