From the outside, the process of finding and buying your first home involves vast amounts of time, money and paperwork. If you break it down into seven simple stages, however, it is not as daunting as it initially seems. Here are seven simple steps you can follow: 1. Work out your budget Unless you have significant savings, chances are you are going to have to take out a mortgage to pay for your first home. In the current mortgage market, you will require a deposit of at least 5% of a property’s value to secure a mortgage from a lender. This means that if you want to buy a $250,000 property, you will need to put down a deposit of at least $12,500.
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When you are not on the property ladder, saving a deposit for a house and land package can seem like a daunting task. The key to success is to start saving as much as you can as soon as you can. Lenders are often cautious about lending to young, would-be home buyers, so the larger the deposit you can put down against your purchase, the broader your choice of mortgages is likely to be. Take a long, hard look at your budget If you are serious about saving money fast, chances are you will need to set aside a significant proportion of your monthly income. The best way to boost your savings is to keep track of your spending so that you can identify areas where you overspend and take action to curb your spending. This might mean restricting the amount you spend on activities, such as shopping and socialising.
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Most people, when looking to buy a home for the first time, will keep an eye out for existing houses and flats, without considering the other options. Though a lot of people aren’t aware of it, there are a wide variety of benefits in home and land packages for first home buyers in Perth. First of all, buying land and house packages offers a huge capacity for customisation. Buying a home that’s already built can be great if it’s absolutely perfect for your tastes, but odds are you’ll find something further down the line that is more to your liking. By purchasing a house and land package, you can get involved with every aspect of design. With this kind of freedom, you’ll be able to ensure that your new home fits in nicely with your preferences, and save time, money and other resources in the process.
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If you’re building a home for the first time, there are a few key points that you should take into account to make certain that you are choosing the right home builder. Market Exposure Recent reports have pointed out that the real estate market in Perth is seeing a bit of what is known as a “correction”. In other words, there are a greater number of listings for sale at lower prices than in the past. However, a substantial amount of construction is still taking place, and new homes exist in great numbers. The levels of exposure that any builder has to the market will directly correlate with the price that a buyer can expect to pay.
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There are a few key variables to keep in mind when investing in a home in Perth for the first time. Understanding these factors is critical to making the best choices. Choosing where to build a home can be a tough task. While certain locations are highly desirable, there are still a few steps to highlight as well as some benefits that are offered by the government. Take a look at both of these areas. Grants for First-Time Buyers Those who are contemplating the purchase or construction of a home for the first time can take advantage of a programme called the First Home Owner’s Grant or FHOG. This grant is able to provide an individual with a total of up to $10,000 dollars towards any new home purchase. Be sure to visit the FHOG’s official website to learn about the qualifications and conditions of the first home buyers grant.
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If you’ve been holding onto a long-running dream of having a brand new home, you may have the term “house and land package” come up a few times. This is becoming an increasingly common option for people who want a new place, and comes with several benefits when compared to buying older property. If you’re still a little confused about the whole thing, here’s a brief introduction to house and land packages in Perth. First of all, the question that may have brought you here; what exactly is a house and land package? Most residential construction in Perth today is done by property developers who acquire land when the government releases it. These developers will be responsible first for laying down the infrastructure for a residential area; roads, water, electricity and so forth, and then have a choice in how to proceed.
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Aussies in the market for a new home often find that buying an established property sounds like a more convenient and cost-savvy option versus building a new one. However, many home buyers today are surprised at how easy it is to build a brand new home that suited their budget through house and land packages in Perth. This home building option has been increasingly gaining popularity in the past decade. Despite this trend, though, preconceived notions are still hindering some homebuyers from recognising the advantages. It’s time to debunk the four most common misapprehensions about house and land packages: 1. Prohibitive costs. If you think long-term, purchasing land and house packages is a more financially efficient option. For one, you can spare your pocket from maintenance expenses in the near future. Reliable builders also provide comprehensive warranty as well for your peace of mind.
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You can never totally steer clear of stressful moments when you are building a home. Understanding their causes and managing those causes effectively, though, is the key to achieving a quality, cost-efficient build. Here are tips on how to minimise the stress you may encounter while constructing your new home here in Perth: 1. Hire the right builder. Don’t rely solely on bids. A higher bid does not necessarily mean superior product quality, while a lower bid can mean surprise costs as the construction ensues.
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The Economist’s liveability index counts Perth among the world’s top 10 best cities to live in, along with three other Australian cities. The city proper and the nearby suburbs draw quite a number of prospective home buyers. Those who are looking to own their own homes for the first time would do well to consider home and land packages. The Advantages A prospective home buyer typically has to get the assistance of an agent to find a block of land then find a builder to construct the house. In other words, the buyer has to deal with two separate entities. This can make the whole process of home purchase so much more complex and time-consuming than necessary. With packages, the buyer only has to work with a single contractor when it comes to finding a good location and building the home, as explained by the Commonwealth Bank of Australia.
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Being one of the most desirable places in Australia, Perth draws a lot of people looking to own a home. Location is just one factor, though. Another decision home buyers must make is whether to buy an existing home or build a new one. Buying an existing home seems the more convenient route as one can simply move into the property soon after the transaction is completed. One thing that prospective home buyers should keep in mind, however, is that this decision is not at all black and white. Top home builders that serve the Perth housing market, such as WOW! Homes, can help you realise the benefits of new home construction.
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Is it the right time to leave the nest and try to make a life for yourself out there in a major city like Perth? If you are aged 21-24, the answer is yes, at least according to the University of Melbourne’s Household Income and Labour Dynamics in Australia survey. Apparently, young people who seek independence at this age range are found to be richer later in their life by about $185,000 than those who delay the big move. While that may prove a compelling reason to rush out of your parent’s house, you should still take it slow and prepare. Here are some tips for would-be first home buyers.
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You’ve finally decided to try looking at house and land packages in Perth for your first home. If you don’t have any idea what to expect, visiting a few display houses is a good place to start. It’s easy to fall in love right away with the first display house you visit, but keep in mind that there are plenty more to see. You don’t want to miss out on the right opportunity simply because you rushed your decision. Here are the top tips for prospective buyers. Take your time to look around You should never be in a hurry whenever you make a huge decision such as building a house. Take your time and don’t feel pressured. Clear out your schedule for the day and focus on the display homes you are viewing. As you walk through each house, visualise what it would be like to live there.
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Buying a home for the first time can be both exciting and daunting. First home buyers have to be careful with their decisions to keep their finances in good shape. If you belong to this group, here are some steps you can take to make the process easier. Understand your current financial condition You need to know not only how much you can pay back on your mortgage every month but also how far upfront costs can set you back. In this regard, you will need to determine two factors: your monthly income and your expenses. Subtract expenses from your income, and you’ll get a good idea of where you are financially.
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If you plan to buy a new home in Perth, you would do well to consider house and land packages that enable you to own a newly constructed home and a parcel of land within one purchase agreement. Builders that specialise in these products, such as Wow! Homes, allow you to choose a suitable lot in your desired neighbourhood and let you take your pick from customisable home designs. Before you go for this option, however, what factors should you take into account? Location Location is vital to liveability, and more so if you plan to resell the home at some point in the future. Some of the primary characteristics you should consider include proximity to the central business district (CBD), crime rate, amenities, average home value, ease of transportation and infrastructure.
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Convenient home and land packages help pave the path to home ownership. In essence, the process involves choosing a suitable neighbourhood and a customisable home design that incorporates the best of today’s modern aesthetic trends. One of the top housing trends at present is the emphasis on liveability and accessibility for the benefit of all inhabitants. This paradigm suits households with pregnant women, children, seniors and people with disabilities. Here are a few easy-access design features worth incorporating into your house and land package.
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Like the bedroom and kitchen displays you’d often find at malls, a display home is designed to pique your interest. The structure gives you a peek into what your life would be like in a fully constructed home of your own. Therefore, it is only smart for a first-time home buyer like you to visit several display homes. This way, you can get an idea of what you should expect from your new home construction. Home builders would also advise that you at least have an idea of what to look for in a display home. Here are some helpful tips.
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Looking to build your first home here in Perth? Perhaps you’ve already heard about the First Home Buyers Grant, another term for the FHOG or First Home Owners Grant, but don’t know much about it yet. To put it simply, the FHOG is a government-supported funding programme intended to help first time home buyers enter the market by covering a portion of the costs. The programme is designed to counteract the effects of the Goods and Services Tax (GST), which buyers have to pay regardless of whether their homes are previously owned or newly built.
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Buying a house and land package in Perth? One critical aspect that requires your utmost attention is the site where you want your new home built. Other than just evaluating convenience, safety and investment growth rates, be sure to take a close look at the actual block itself. Although it is the builder’s job to ensure that the block options on offer are suitable for home construction, it pays to be extra diligent on your part. Before you pick your home design, take note of these 3 important factors when choosing your parcel of land: Orientation. With an ideal block orientation, your home can be more energy-efficient. In Perth, the most widely sought blocks are generally those with a north-south alignment, with the back portion facing the north. That is because rooms facing north tend
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Most people agree that it’s convenient to invest in an established house. It’s cheap, easy, and apart from a few retouches and installations, you don’t actually have to bother building the property from scratch. If you carefully analyse and factor in the risks and extra costs that come with used, worn properties, however, you might see your investment decision in a new light. Brand new home and land packages here in Perth offer multiple investment benefits that outweigh what ready-built properties offer. You get to select your location and home design House and land packages give you the liberty to select a good location, ideally one which demonstrates positive economic growth and real estate value appreciation. You can also customise a house design according to what you believe will entice your prospective tenants, making your investment more attractive.
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When buying a home in Perth, you will typically need to put down a minimum 5 per cent deposit to get approved for a loan. This requirement can prove challenging if you’re still paying rent. Fortunately, Perth home builders like WOW! Homes say your family can help you buy your new home by acting as a guarantor. Here’s what you need to know: What is a guarantor? Many lenders and banks will be more willing to help if you have a guarantor to back you up. A guarantor is anyone who can offer the assurance of loan repayment (but only a portion of the loan) if the borrower fails to fulfil his commitment. This lowers the risk for the lender, who may even decide to lend you as much as 100% of the property’s purchase and construction price.
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