Breaking In: The First Home Owner’s Guide to Buying Property
There’s no sugar-coating it.
Breaking into the property market in Melbourne is not easy for first home buyers.
But whilst prices are surging and it can be difficult to get a foot in the door, it’s not impossible and every weekend, first-home buyers are making their property dreams come true.
As a leading Melbourne real estate agency, Melcorp Real Estate has seen many first-time buyers achieve their dreams, particularly through buying an apartment in Melbourne.
With that in mind, here are our top tips for breaking into the property market as a first home owner.
Set A Realistic Budget
One of the biggest obstacles for first-home buyers is that they are unrealistic about how much they can afford to spend.
A good place to start is to talk to a mortgage broker and work out what sort of pre-approval you can get, and what that would mean in terms of repayments.
You should also check to see if you are eligible for any concessions or grants.
Save A Deposit
Aim for 20% to avoid Lenders Mortgage Insurance.
If you’re not there yet, you should consider how much money you need to put away each week to get where you need to be and be disciplined in your saving.
Look around! Even if you’re not ready to buy just yet, get to open home inspections, talk to agents, such as our friendly residential real estate agents at Melcorp Real estate to get the lowdown on what’s happening. If an agent knows what you’re after, they might be able to give you the tip on properties coming onto the market that suit your budget and needs!