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Jan 17, 2024

First Home Buyer Mistakes to Avoid in Victoria

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Buying your first home is an exhilarating journey, filled with hopes and dreams of a bright future. However, it’s also a path laden with potential pitfalls, especially in the dynamic real estate market of Victoria, Australia. As a first home buyer, it’s crucial to tread carefully, arming yourself with knowledge to avoid common mistakes.

This guide aims to empower first home buyers in Victoria with essential insights to make their home-buying experience as smooth and successful as possible.

Understanding the Victorian Property Market

The Unique Landscape

Before diving into the common mistakes, it’s important to understand the unique aspects of the Victorian property market. Victoria, particularly Melbourne, has seen significant growth and changes in its real estate landscape. This dynamic environment can be challenging for first home buyers who need to become more familiar with the market trends and legal issues specific to this region.

Research is Key

The first step in your journey should be thorough research. Understand the market trends, average prices in your preferred areas, and the long-term prospects of your investment. This is crucial in making an informed decision and avoiding overpaying for a property that might not be appreciated as expected. Visiting display homes can provide valuable insights into the latest trends and quality standards in new properties.

Common Mistakes to Avoid

1. Not Getting Pre-Approval

One of the most significant mistakes first home buyers make is not securing a mortgage pre-approval before starting their property hunt. Pre-approval gives you a clear idea of your budget and shows sellers that you are a serious buyer, which can be a significant advantage in a competitive market.

2. Overlooking Additional Costs

Many first home buyers in Victoria focus solely on the property’s purchase price, neglecting additional costs such as stamp duty, legal fees, inspection, and moving expenses. These can add up significantly and should be factored into your overall budget.

3. Compromising on Location

While it’s tempting to compromise on location for a lower price, this can be costly in the long run. Consider factors like proximity to work, schools, public transport, and amenities. A good location provides a better living experience and ensures better capital growth. Additionally, the choice of home facades can greatly influence the property’s aesthetic appeal and value, especially in suburban areas where everyday homes are prevalent.

4. Embracing the Value of Property Inspections

Understanding the importance of property inspections is a smart move in your home-buying journey. A thorough inspection is an opportunity to gain deep insights into your future home. This process ensures that you are making a well-informed decision, leading to long-term satisfaction and peace of mind. At Aston Homes, we employ an independent quality inspector called BPI (Blue Print Property Inspections). We use them as a third party who is independent from Aston and has no affiliation or connection with our trades, suppliers and supervisors. They attend the home at the final stage on our behalf and pick anything that is not up to standard or code or of acceptable quality. Our commitment is to help you invest with confidence, knowing that your dream home is just as perfect beneath the surface as it is on the outside.

5. Emotional Decisions

Buying a home is an emotional experience, but allowing emotions to dictate your decisions can lead to overpaying or choosing a property that doesn’t meet your long-term needs. Stay objective and stick to your predetermined criteria and budget.

Navigating Government Incentives and Support

home-first-buyers

First Home Owner Grant (FHOG)

Victoria offers the First Home Owner Grant (FHOG), which is a one-off payment to help first home buyers with the costs of purchasing a new home. Ensure you understand the eligibility criteria and how to apply for this grant.

Stamp Duty Concessions

First home buyers in Victoria may also be eligible for stamp duty concessions, which can significantly reduce the cost of purchasing a home. Research and apply for these concessions to ease your financial burden.

Conclusion

Embarking on buying your first home in Victoria is an exciting but complex process. By avoiding these common mistakes, you can ensure a smoother and more enjoyable home-buying experience. Remember to do your research, understand your financial limits, and seek professional advice when needed.

Aston Homes is always here to guide you through every step of your home-buying journey in Victoria, from exploring display homes to selecting the perfect home facades for your everyday home.

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