From Rent to Own – Our Top Tips

There really is no place like home, especially when you own the home. We’ve put together some tips to help you as you shift from being a renter, to becoming an owner to make that transition as smooth as possible.

Buying your first home is an exciting time, but it can feel a little overwhelming and you may have lots of thoughts running through your head; will you be able to manage mortgage repayments comfortably? What sort of house should you buy? What is the right location for you?

Get into a good savings habit.
Not only will this help you with the added financial responsibilities you’ll take on as a homeowner, a history of savings in your bank account will make you more attractive to a lender.

Be prepared for more financial responsibilities.
As a renter you would have had very little, if any, maintenance costs. Now you’re considering buying a home, you need to be financially prepared for a few extra costs. Make sure your monthly budget takes this into account, and put money aside for any emergencies, such as a blocked toilet or broken hot water system. This means you won’t be left unexpectedly out of pocket.

Consider buying a new home.
Not only do new homes mean you are less likely to have unexpected outlays – such as appliance breakdowns or plumbing issues – but you won’t have to set aside huge sums for replacing old fittings with new ones or general refurbishing. On top of that, you can take advantage of the QLD government first home owners’ grant.

Find out if you’re eligible for a First Home Owner’s Grant.
The Queensland First Home Owners’ Grant has been boosted to $20,000, but only until 31 December 2017. The Queensland First Home Owners’ Grant is a state government initiative to help first home owners to get their new first home sooner. You’ll get $20,000 towards building your new house, it’s a great opportunity to build a new home in our great state.

Avoid expensive fittings if you have a tight budget.
One of the joys of owning your own home is that you can paint it and personalise it to your heart’s content. But if you have a strict budget, go for more reasonable fittings at first. You can always upgrade at a later date.

Choose your area carefully and think long-term. Think carefully about the area you’d like to live in. You may enjoy living centrally at the moment, but is it going to suit you long-term? Living in a well-established central area may mean you have to go for a smaller property, as it tends to be far more expensive, and if you’re considering a family in the future, a bigger house further out might be a better option. Expand your search and you may find you can afford much more. New communities are great for expanding families and offer exciting new resources such as parks, schools and shopping centres – as well as a host of potential friends who are at a similar life stage to you.

There’s no doubt that first-time buyers have a lot to think about, but it doesn’t have to be a bumpy ride. Do your homework, keep an eye on that budget and think carefully about what’s best for you. With the right mindset and preparation, you’ll soon found yourself the happy owner of a set of keys to your very own front door – and a house-owning dream come true.

Contact us if you would like any more information about buying your first home or have any questions you need answered or click here for more info.