If you’re thinking of buying your first home in Adelaide or elsewhere in South Australia, there are a few things you should keep in mind. The team at JKC Real Estate are full of knowledge when it comes to buying a house in Adelaide, so we have compiled some of our top tips below to help you out, particularly if you are a first-home buyer.
Do your research on Adelaide real estate
Adelaide is a great city to buy property in, with plenty of affordable options available. However, it’s important to do your research before making any decisions. Have a think about what kind of property you would like, where you would like to live and how much you can afford to spend. Once you have a good idea of what you want, start talking to different real estate agents and get an idea of Adelaide’s real estate market. This will help you make informed decisions when it comes time to make your first offer.
Get your finances in order
Like many first-home buyers, you will likely require a home loan when it comes to purchasing your property of choice. Have you spoken with your bank or a trusted mortgage broker yet about how much money you will be able to borrow regarding your loan? Have you been pre-approved for a loan? These are all important considerations.
In order to get your finances in order and have a clear idea of what you can afford, you will need to provide your bank or broker with documents such as payslips, tax returns, asset statements and proof of any other income. They will also need to carry out a credit check. Once you have been approved for a loan, you will have a clearer idea of the amount you are able to borrow and you can then start looking at properties within your budget.
Look into the government grants that may be available to you
Depending on your circumstances, you may be eligible to apply for a first-home buyer grant. In South Australia, the First Home Owner Grant (FHOG) is available to those who are buying or building their first home. The grant is worth $15,000 and is available for new homes that are valued at less than $575,000. There are a range of other grants and government assistance available for first home buyers, so be sure to do your research.
Consider the hidden costs of buying a house in Adelaide
What some first-home buyers don’t realise is that there are a range of other expenses that come in addition to a property’s purchase price. When budgeting for your first home, be sure to factor in the following:
⦁ Stamp duty
⦁ Mortgage insurance
⦁ Conveyancing fees
⦁ Inspections
Find a real estate agent you can trust
Your real estate agent will be your guide through the buying process, so it’s important to find one you feel comfortable with. Ask your family and friends for referrals and chat to a few agents before making your decision. The team here at JKC Real Estate are skilled and experienced in the Adelaide real estate market—if you would like assistance with purchasing a property, be sure to get in touch with our Adelaide team today.