10 tips for a first home buyers in Sydney
Beaches, astonishing harbour, all-year-round sunshine; who doesn’t strive for all these quirks! And, you can enjoy all the perks, if you get to live in one of the most beautiful cities, Sydney!
The city doesn’t only offer a scenic view but also a unique lifestyle, with beautiful beaches and affordable abode within 10km of the Sydney Central Business District.
Everyone dream of their own house where they can dwell in peace and moving from a rented house to owning one is one of the greatest leaps anyone makes in their lives. Earlier it had been an oft-touted label that the destination of owning a home has become out of reach for many first home buyers. But the good news is – although the coronavirus has created havoc in everyone’s life whilst, somewhere it has been benefiting the one aspiring for their first home.
Yet, there are distinct issues to be aware of while buying real estate in Sydney. And in this blog, we have compiled a list of which first home buyers should consider before closing the deal.
Goal setting
Buying a home is not one day-dream. From planning to shop for property to rummaging your wallet, it all takes a lot of time – actually planning begins long before you inspect your first property, and of course! We appreciate that in the fulness of time it will sure help in setting your goals and in proper execution.
Ready-build house
Before you jump to a conclusion, weigh the benefit of buying a new ‘ready- build house’ and ‘house and land package’.
A ready build house privileges in saving stamp duty, low maintenance costs, faster process.
Whereas, buying a house and land package profit in various ways like- you get to design your house, power to customise finishes, floor plans, and facades, and stamp duty saving.
Stamp Duty
Stamp duty is an important factor to consider while calculating your budget. It’s a tax payable by the buyer while purchasing a property which needs to be paid within the period of three months from the date of an exchange of contracts. The size of the house directly affects the stamp duty, precisely the huge the cost of the property, the more your stamp duty will be.
Although there are benefits like ‘transfer exemption’ and ‘concessions’ which are available for the help of the first homeowner that leverages them for a concession or even a complete exemption, depending upon the type of property they buy – it can be applied directly through the NSW government.
Research your finance option
The home loan market is complex and competitive, which is why it’s always a smart idea to compare loans! The comparison helps in selecting the right rate and features according to your needs.
From interest-only to fixed-rate to variable and investment, there are numbers of options and types of mortgages to pick one that suits your situation.
Get help
From house-hunting to shifting, the whole process can be tiresome and complex. And finding the perfect loan rate is not an easy feat, it pays to shop around! You may have banked with the same institution over years but that doesn’t necessarily mean they will give you the best pact. That’s why to consider the help of a mortgage broker in Sydney – they work on your behalf, shortlist the best deals to get you the optimum result-at no cost to you. But, you need to get hooked with a trusted mortgage broker. If you’re still in search of a trusted broker reach us for help from the best mortgage brokers in northern beaches
Factors in the First Home Owner Grant
You should always check your eligibility for the First Home Owner Grant. If you’re eligible you can potentially benefit from grand worth thousands of dollars, although the benefit depends on the type of property and location.
Location
It doesn’t only mean what kind of view you want outside your window or what kind of neighbourhood you’re aspirating for; remember that the society you live in will have more impact on your life than the house you choose. So before finalising, explore locations and talk to existing resistants.
Infrastructure
Consider the areas which provide substantial amenities like the closest shopping centre, transportation facilities, roads, nearby schools, medical facilities and also consider the level of quality and community design including parks and play equipment.
Rentvesting
It is a brilliant idea to get the live experience of the property you’re looking forward to investing. The pre-living experience
provides adequate knowledge of the neighbourhood, transportation, and lifestyle.
Moreover, it gives you the best of both worlds – you can buy a property and rent it out to cover some of your ownership costs. In doing so, all costs become a tax deduction and hence around 40% cheaper than your own home.
Contract
Reviewing the contract beforehand allows you to negotiate things with the vendor like- length of the settlement and the amount of deposit ( try to settle with a 5% deposit ). So, always make sure you have a conveyancer to review the contract before bidding at auction.
Plan for future
It might be the most cliche advice, yet it’s still important to speculate your future plans. Whether you’re building new or buying an established house you should always plan thinking of two steps ahead, considering the needs of the family size now and in the future. Buying with size in mind will stave off outgrowing the house or costly renovation at a later date.
So, if you think using professional advice might help and you’d like to save money on your Sydney dream home purchase contact us at 99074625
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