The cost of housing is expensive across much of Australia. Although the iconic detached house on a quarter acre block is not everyone’s cup of tea, having a place to call home is still very important to us. Today, this could be an apartment, grand home or compact townhouse. If you’re trying to get into the property market, you’ve probably heard all the tips: get 20% deposit, buy the worst house on the best street and cut up those credit cards. However, there are a few more things you should know while you’re hunting around for your first house. Read below for 3 things to keep in mind when you’re house shopping.

1. Dream homes don’t exist:

I can unequivocally guarantee that even the most perfect looking, well-located home for a reasonable price will still have its flaws. It can be so easy when you’re buying your first home and have a reasonable amount of cash to be too critical. By all means, check out a lot of homes before you buy, but after seeing a few, write down on paper the things are must have vs nice-to-have. This simple list should be done by each buyer so you can then decide the most important priorities when you’re inspecting homes. If you’re buying alone, chat to friends or family who own places to check your wish list is in touch with reality.

2. Set a timeline:

Once you start looking and have a list of the things that you ‘need,’ you shouldn’t feel you have to inspect 100 homes. If your list is honest and realistic, the right home will come your way so be prepared to snap it up. It’s always wise to get a property inspection to check the ‘bones’ of the place so you aren’t in for any nasty surprises. It’s also good to scope the local council and online in terms of development – not many people want to live next to future high rises, especially if construction has not yet started – that’s a good while of noisy construction to live with! Some craft people may still decide to purchase a property in these circumstances, but then rent until the area they have bought it has finished ‘evolving.’

3. Invest today, home tomorrow:

If your lifestyle goals don’t quite match your budget, consider investing as a way to gain enough capital for a deposit. You might choose to stay in the same industry and invest into a Real Estate Investment Trust or perhaps go general and put cash into an Exchange-Traded fund. Other choices to enter the market could be to seek out a cheap house and land package where you build equity until you can borrow against it to purchase another home in your desired location. Whatever your choice, it’s wise to have a chat to a financial advisor who can help structure your financial affairs in the most practical way. Lastly, don’t forget to take advantage of a scheme like the first home buyer’s grant!

Read Also:

• It’s a buyers’ market – house features everyone wants
• Making Money in Property Investment