Buying your first home is an exciting, yet overwhelming, experience. It's a significant investment that requires careful planning and preparation.

Speak with a broker/lender about finance and set up pre-approval
Before you start looking for a home, it's crucial to understand how much you can afford. Speaking with a broker or lender can help you determine your borrowing capacity and set up pre-approval for a home loan. This will give you a clear idea of your budget and help you narrow down your search to properties that fit within your financial means.

Try living as though you were paying the mortgage for a few months

Stress test your budget
Once you have a clear idea of your budget, it's crucial to stress test it. Try living as though you were paying a mortgage for a few months by putting aside the difference between your current rent and estimated mortgage repayments. This will help you determine whether you can comfortably afford the ongoing costs of homeownership, such as mortgage repayments, council rates, and utilities.

Create your wish list and non-negotiables
Creating a wish list and identifying non-negotiables is an essential step in the home-buying process. Consider your needs, such as the number of bedrooms, parking, or natural light, and your wants, such as a backyard or a full-size laundry. It's important to be realistic and create an achievable brief that fits within your budget.

Take a walk around the neighbourhood to check out local amenities and see if it suits your lifestyle.

Research the local area
Researching the local area is crucial when buying your first home. Attend opens and auctions to see what's available and compare different properties. Also, take a walk around the neighbourhood to check out the local amenities and see if it suits your lifestyle. This will help you make an informed decision and find a property that meets your needs.

Understand what an Owners Corporation (OC) does
If you're considering buying an apartment or unit, it's important to understand what an Owners Corporation (OC) does and what you need to know as an owner. An OC is responsible for managing common property, such as lifts and gardens, and ensuring that the property is maintained to a certain standard.

Register for off-market alerts to stay informed about opportunities that may not be advertised

By following these steps, you'll be well on your way to buying your first home. Remember, taking your time, doing your research, and practising due diligence is essential to ensure you make an informed decision that's right for you.

Don't forget to explore off-market transactions as well – by registering as a buyer, you can stay informed about these opportunities.

At Nelson Alexander, our dedicated team of agents is here to support you in achieving your property goals in Melbourne. Reach out to your local office today and let us assist you in finding your first property that perfectly suits your needs.