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Do you remember how it felt to buy your first home? I do. It was SO exciting and felt like such an achievement! For me it was 1986. It was a three bedroom, one bathroom, low-set brick home and cost us all of $56,000. We sold it 3 years later for $107,000. Not bad at all, but we had made many home improvements including adding a large roofed and paved pergola area and a double car port, landscaping the yard and repainting inside. Prior to buying our first home, we rented a unit and saved, saved, saved and saved. Within 18 months of saving, we had enough money for a deposit on our first home.
It’s a little more difficult these days and to be honest I have been pondering how it is for first home buyers today because my three young adult kids (twin boys aged 23, daughter aged 20 1/2) will most likely be first home buyers in the near future!
Buying any kind of property can be a little bit intimidating, especially if it is your first foray into the housing market. It can be difficult and frustrating, but once you understand how the market works and you consolidate what you’re looking for, it can actually be quite fun. However, don’t expect it to be all smooth sailing. You will encounter bumps along the way, but it will all be worth it when you finally hold the keys to your first house. If you’re still a little bit nervous about going it alone, you may want to consider using a buyer’s agent from a specialist such as Templeton Property. They help you find the right property, within your budget, without the stress. You can learn more about what they can do for you on their website.
Buying a house is, at its simplest form, conducting a transaction. The owner of the house wants to sell it, but they may only be willing to do so at a particular price. Of course, sometimes you may be able to get them to lower their price, but you have to also be willing to compromise as well. It is inevitable that in this process, your offer may be rejected outright. This may be disheartening, but never fear! There are plenty of other houses and avenues to consider.
You may also find yourself in a bidding war with some other people who are after the same property. It can be a little annoying when you think you have it in the bag, only to be outbid by someone else. However, it is important to remember not to exceed your budget – there will be other places out there that you will fall in love with as well.
Finding the perfect house, with everything that you want and need, is one of the best feelings you can get when you are looking for your first home. Do make sure you temper your expectations, though, and continue browsing the market, because you may just find another property that you also love for a cheaper price.
Getting the Keys
You will feel absolutely fantastic once you have finished signing the proper paperwork and are handed the keys to your new house. This is the ultimate high of being a first home buyer, and chances are you probably won’t feel like this again, even if you do go on to buy more properties. Savour it, take it in, and get ready to fit out your new house!
These are just some of the highs and lows of being a first home buyer. It is not going to be an easy road, but it will be exciting, and rest assured that you will learn a tremendous amount along the way.
Are you in the market for a new home? Are you a first home buyer or have you done this before? What highs and lows have you encountered? Do you have any tips or tricks for those who are getting into the market for the first time?
Ciao for now,
Linking up with With Some Grace for #FYBF
We are 2 houses in, but now doing renos that are the biggest mortgage we’ve ever had. I’m a little traumatised by the thought of it…
We’re on our 3rd house and need to renovate a tad (bathrooms / kitchen / re-paint indoors etc). I understand how you’re feeling a little traumatised – reno’s are not cheap!!
This post brought back memories from when Jacob and I bought our first home. We gave it a minor facelift and made $100,000 on the sale 3 years later. It’s an exciting time of life but it can definitely be daunting. I don’t know how our kids will afford houses when they’re older. x
Wow Bec – a profit of $100,000 is fantastic! Yes it’s a worry enough for my kids – not sure what it will be like when your kids are first home buyers! xo
I didn’t buy my first place until I was into my early – mid 30s as I moved around too much before that. And yes I remember it was $175,000 (at Hawthorne). It seemed so expensive but I’d been working o/s so had a good deposit.
I sold it after about 3 years (in 2005) for $265,000 in order to ‘upgrade’. At the time I ‘almost’ hung onto it as an investment property and later wished I had. But I’ve never been that much of a risk-taker.
You did well on your first property Deb – that’s nearly $100,000 profit! I’m not much of a risk taker either just quietly. 😉 xo
I’m not convinced I will ever be able to own a house. Just so expensive.
If you want to own your own home, then I hope it happens for you Ness! xo
Interesting post Min with lots of good solid advice. The key sentence is never exceed your budget and I would add that depending on which state you live in always factor in Stamp Duty and any fee’s and charges into your total budget.
Ciao – Patrick
Some good points there Patrick – Stamp Duty and all the extra fees and charges certainly add up and often get overlooked when budgetting!