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5 Common Mistakes First Home Buyers Make

5 Common Mistakes First Home Buyers Make

1. Exploring Incentives – first home owners grant (new home)

The NSW government is currently running a $10,000 grant for any brand new property for a first home buyer under $600k. This ultimately can affect the decision making process between a brand new and second hand unit.

There is also, the first home buyers assistance, which is free stamp duty on any home purchased on or after July 1 2017 for properties up to $650k. This is a sliding scale effect of savings. For a property valued $650K – $850K, you can potentially save yourself up to $15 – $20K on stamp duty costs.

2. Self Educate

There are many free resources you can get your hands on before purchasing your first property to help you in the decision making process. Sources like APM, RP Data (CoreLogic), realestate.com.au and domain.com.au provide you with comparable prices, historical sales within proximity to the property you are interested in and even suburb performance and analysis on sales and rental returns. This will help give you confidence in making your commitment.

 


 

Tip: Use realestate.com.au/invest to help you search properties via rental yield, rental demand and median property prices. You can also monitor investment performance, better understand the property market and discover new investment opportunities across Australia.

 


3. Building Inspections – House/Unit Purchasers

Unfortunately there is always more than meets the eye. To the untrained property buyer a property may seem very perfect, but a building inspection and pest inspections provide you with a piece of mind that the property will not incur major maintenance expenses as time goes bye.

4. Strata Reports – Unit Purchasers

Request a strata report through your conveyancer. This will outline any major upcoming works in the building as well as ongoing issues within the building. If there is any major points of concern its best to know. E.g. Sometimes a one off levy to paint common areas of your building could create a ‘one off special levy’ which is pushed onto the owners. Eventually increasing your strata and cost of living.

5. Professional Help – Buyers Agents

Seek professional help to source the right property, buyers agents are plentiful. Communication is key, so find a buyers agent who is willing to communicate with you through the platform that best suits you (email, text, messenger etc.). From searching for the right property, inspecting and negotiating a deal, does impact timing and costs associated with using a buyers agent.

Buyers agents work in your best interest to find you the right property. Finding the right one is key, but once you do, then you know you have piece of mind as they are working to meet your goal and best interest according to your personal situation.

 


 

At LIV Realty we offer buyers agents who can work with you along the way and provide you guidance where needed. Speak with one of our property professionals today.