Depending on your budget, there are many factors to look for in a potential future home when buying your first property. You should always invest in a professional pre-purchas inspection of any home to make sure everything, not obvious to the eye, is in working order. This includes the foundations, drainage/sewage, perimeter and fencing, walls, insulation, roofing etc. Checking the insulation is also very important to make sure you don’t land yourself with a damp and mouldy home which can affect the health of you and your family. Buying a house that requires a lot of unexpected repairs is a costly mistake to make, so always make sure you have it checked over by an expert first.

Besides the quality of the build, consider what you want out of your first home when it comes to actually living there. How many bedrooms do you need for a growing family, if you are planning for one? How many bathrooms would make living easier? Do you want outdoor space, an office, or rooms that have the potential for renovations?.

If you are wishing to resell soon, consider what kind of homes are in-demand, even if they are not necessarily what you would prefer to live in. Take your time in choosing your first home and make sure you have ticked all of the boxes when it comes to what you want out of the house, making sure it is in good condition and is suitable for your current and future plans. As a First Home Buyer you may be eligible to apply for a First Home Loan which reduces your minimum deposit from 20% down to a 5% deposit. This 5% represents your contribution towards the purchase of your home. Ideally you will have saved this amount over the last 3 months or more. In exceptional situations, the lender may consider equity from a family member’s home as a deposit.