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Fact sheet for first home buyers

So, you’re wanting to get your foot on the property ladder? Buying your first home is one of the biggest decisions you’ll make and it’s easy to let your heart rule your head.

 

How can you find a home that offers lifestyle today and a smart investment tomorrow? We’ve prepared this checklist to help you on your way.

 

Price

There’s more to the cost of a home than the price you pay on auction day. How much will this home cost you over time? Ask yourself these questions:

 

  • What will your mortgage repayments and bank fees cost each month? How much are the council rates? Are there body corporate or strata fees? How much will insurances cost you?

  • Is the home energy and water efficient? How much will this home cost to heat and cool? How much will you spend on water?

  • Will you be taking public transport or driving a car? How much will you spend each month on transport to and from home?

  • How much extra will you spend if interest rates rise by a quarter, half or even a full per cent?

 

Location

Ask any real estate agent to list the three most important factors when buying, and you’ll likely hear: “location, location, location.” Looking beyond the cliché, ask yourself:

 

  • How close is this home to public transport? How frequent and convenient are the public transport options in the neighbourhood? Will you be dependent on your car?

  • How long will it take you to get into the city?

  • Does this location provide easy access to employment?

  • Will you have convenient access to shops, restaurants and other services?

  • Is the home close to good schools, hospitals or other important community infrastructure?

 

Quality

Quality is more than just fancy taps and marble benchtops. Keeping your eye out for quality can be tricky, but there are some simple signs:

 

  • Is the home well insulated?

  • Does it feature energy and water efficient fixtures and fittings?

  • Does this home have good cross-ventilation, orientation and outlooks?

  • Is it north facing to make the most of the sunlight? How much daylight access will you get?

  • Will you have access to high speed internet?

  • Does this community have a Green Star rating?

 

Liveability

Liveability is the sum of all the factors that add up to a community’s quality of life – everything from the built and natural environments to culture, community activities and cafés on your doorstep.

 

  • Do you have easy access to green space and parks? What level of tree coverage do you find around the neighbourhood?

  • Is the home located in a walkable community? Are there ample pedestrian paths and cycle ways?

  • Is it a safe neighbourhood?

  • What will your weekly routine look like? Will this place encourage healthy and active living?

  • What kinds of community activities are found in the area? Is it a diverse and inclusive community?

 

Investment

If you’re like most people, your first home is the biggest investment you’ve ever made. And if you’re like most people, you want confidence that your investment will retain its value. Ask yourself:

 

  • Will this home achieve solid capital growth?

  • What assurance do I have that my investment is secure?

 

Buying your first home can be a stressful time. Investing in a Green Star community can alleviate some of this stress, giving you confidence in the quality of your property, the liveability of your community and the long-term security of your investment.