What do you need to know as a First Home Owner?

What do you need to know as a First Home Owner?

Buying your first home can be an exciting but confusing time. With so many options available, it can be hard to know where to start.

Here at Arramont, we believe that your journey to first-home-ownership shouldn’t be complicated. That’s why we have put together the following guide to help you navigate the first homeowner waters.

 Research the market

All well-executed projects start with research, and the purchase of your first home should be no different. You will want to determine where you’d like to buy, what the recent trends are for your preferred neighbourhood and a realistic budget. This research phase is a great time to see if you are eligible for any government grants or stamp duty concessions as a first homeowner.

Know your budget

Whether this is through talking to a bank and getting a conditional pre-approval or crunching the numbers yourself - knowing your budget is a crucial factor in purchasing a home. Your budget will help you determine the required deposit amount and how much you can afford to repay for your mortgage repayments. It’s essential to be realistic with your budget; you don’t want to commit to 30-years of paying for something you really can’t afford. And don’t forget to set aside a bit for landscaping!

Discover your new community

The community you choose to live in can have more impact on your life than the house you want. Explore your options, get out and walk around the estate and experience it. Look out

for local amenities. Are they already established? Or are they planned for the future? Are there train or bus services close by? What about supermarkets and educational facilities? Now is the time to consider what you will need not only now, but into the future.

Find your place

So you have your budget and your preferred community, now it’s time to find your dream home. From purchasing land-only or a house and land package, there is something out there to suit everyone's budget and preferred lifestyle. Have a look around at display villages, and get an idea of the style of house you want. Make sure you are looking at homes that will fit your budget, lifestyle and block size. Consider the number of rooms you may need in the future, three bedrooms may suit now, but you may eventually need four.

If you need help figuring out your first homeowner journey, the Arramont team is on hand to step out the process for you. Pop into the sales office at 290 Craigieburn Road East, Wollert or give the team a call on 1300 965 537.

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