Being one of the first home buyers in Sydney demands a major financial decision, especially since a house is a long-lasting asset.
Below, you can see a list of tips to consider when making your first-time residential property purchase:
- Start sourcing for down payment
If you would buy a new house, saving up is one of the best actions that you can do to prepare for the costs. Though it might take a long time before you can finally reside in the house of your dreams, you will never regret saving up for the down payment and succeeding mortgage payments. You can try using tools like down payment calculators, save the tax refunds and bonuses, and have a savings plan that will work for you.
- Ask about the FHOG
The First Home Owner Grant, or FHOG, allows you buy a new house that values up to $750,000. You can ask your government’s program about this grant so that you can be sure of your eligibility.
- Hire the right agents
As one of the first home buyers in Sydney, you would need a reliable partner as you search for the right home with the most reasonable price. You can even trust companies who know the ins and outs of realty industry, such as PK Property. For more information, you can check out their website.
- Search for exemptions and concessions
You can also look for exemptions that might be valid and eligible for you to claim. Not only that, but you may even receive other reductions which fit your current economic status and credit score. Some of these include duty concessions, off-the-plan concessions, pensioner concessions, principal place of residence (PPR) concessions, amongst others.
- Compare mortgage rates
Many new homebuyers would get a price quote from different property sales agents and their trusted lenders. You can save a lot of money if you broaden your selection to at least three to four lenders.
Buying a new house is always a great investment, especially when you want to have the best location at the most reasonable price. That being said, you will be sure to fulfil the dream house that you so desired and yearned for.