Buying your first home can be both exciting and challenging. Since you are investing in the Brisbane residential real estate market for the first time, you need to thoroughly navigate the complications of arranging financial resources, searching right location and understanding the different trends of the property market in Brisbane, Queensland. Being a seasoned investor, you may find difficulties in setting yourself in the cut-throat property market. Luckily, tons of options and support are there in the market that can be reaped by a first time home buyers with ease. But, novices find it hard to arrange funds for their first investment; in fact, there are also a lot of traps that may stop you from achieving your investment goals. That is the reason why we bring you the complete guide that will help first time home buyers throughout their buying journey.
Saving is All What you NeedIf you are planning to acquire your very first residential property in Brisbane, Queensland, then you need to save your money as much as possible. Though this seems challenging, you can create a rough budget to estimate your finances that will be required during the property buying process. When you reach out the potential lenders, they will ask you to provide evidence of your savings from the last three to six months. And you can’t ignore this aspect while approaching a reliable lending company. So, it is good to jot down your entire budget – this will help you remember your targeted goals. You can also access various resources online where you can get an overview related to the available funds and how much you can save to buy your dream house.
Always Have a BufferWhat is a buffer? Well, it is a little extra money that you save for unexpected spending during the property buying process. It is always advised to keep extra cash handy to meet those expenses that may occur in the middle of the property buying journey in Brisbane.
Get a Loan Pre-ApprovalBorrowing funds for buying a residential property in Brisbane may seem a daunting process. It is always cumbersome to know how much you can actually afford to borrow funds. While talking to experts is an ideal choice, you can get into the pre-approval process to understand the things in a better way. In order to gain approval from your lender, you can arrange and submit all the documents to leave a good first impression on them. List of the documents required in the pre-approval process:
- Verification of your income (pay-slips, history of commissions, and group certificates)
- Statements of your debts (both existing loans and statement of your credit cards)
- Your first home owner grant
- Your ID proof (passport or driver's licence)
- Evidence of your deposit
Location ResearchBefore getting into the bidding process of the Brisbane property market, it is best that you do your own part of a research. Read the property sections on reliable real estate portals, newspapers and magazines to know the worth of the property in different areas of Brisbane. Look for a suburb that can meet your targeted investment goals and financial needs, this includes:
- Minimum and maximum prices of the properties
- Expected Rental yields
- Local amenities
- Transport accessibility
- Capital growth, etc
EndnoteBeing a first-time home buyer in Brisbane, you need to be extra careful because one wrong decision could ruin your entire confidence. So, it is better to create a checklist to prioritise what you need and make adjustments accordingly to generate better outcomes.