Morning coffee on your very own balcony. The freedom to paint walls whatever colour you choose. Building wealth instead of funding someone else's retirement. This is what home ownership feels like.
The journey to your first property isn't meant to be overwhelming. Like any significant life transition, it simply requires preparation, knowledge, and the right support team working beside you. Here’s what you actually need to know:
Know Your Numbers
Before falling in love with listings, establish what you can genuinely afford. "Prior preparation is key," explains Rihann Barkley-Brown, licensed real estate agent at Adrian William. "First-home buyers who haven't done their homework tend to miss out on opportunities. Understand your budget and the local market so you've got a clear idea of what you can afford."
While 20% deposits were once the gold standard, government initiatives like the First Home Guarantee (5% deposit with no mortgage insurance) and Family Home Guarantee (2% for single parents) make entry more accessible. It’s also important to note that each lender has different policies around deposits and borrowing capacity, so exploring multiple options could open unexpected doors.
"Connect with a mortgage broker and get pre-approval before you start your property hunt," licensed agent Nicholas Viewey advises. "Know exactly what you can spend before making offers, and research all available grants." Tools like NSW Government's Home Buyer Assistance Finder can tell you exactly which grants you qualify for.
The Hidden Costs
Your financial homework should extend beyond the purchase price. Factor in those easily overlooked extra costs: conveyancing fees, stamp duty, and any immediate repairs needed to make the space truly yours.
"Always consider potential interest rate rises," Nicholas notes. "And don't forget council rates, water rates, and the eventual wear and tear if it's a tenanted property. Having reserves for items like new carpets, paint, and appliance replacements is essential."
For apartment hunters, strata reports reveal the building's history and potential future expenses. Nicholas adds, "Lower strata levies in older boutique buildings can significantly impact long-term affordability. This makes them a smart entry point into the market." Strata and building reports are included in all Adrian William listings, but you can also visit Before You Buy to access reports with other agencies.
Choosing a Location
Your dream suburb might stretch the budget beyond comfort. "Location depends entirely on your circumstances," explains Rihann. "I wouldn't fixate on just one area. An apartment in Dulwich Hill might be pushing $900k, whereas moving a few suburbs to Ashfield or Croydon could secure something similar at a more accessible price point that still keeps you well-connected."
If you're not reliant on public transport, buying a property that's a 10-15 minute walk from the station rather than five minutes away can save you significantly. City commuters pay premium prices for that proximity – if you don't need it, you'll find better value slightly further out. Those savings could mean an extra bedroom or outdoor space. Tools like Commbank's Home Hub are helpful, offering market insights while you browse listings.
Inspecting Properties
During inspections, look beyond staged furniture and fresh paint. Check noise levels, signs of water damage, and cross-ventilation. Consider what elements can be changed (floor plans, paint, storage solutions) versus those that can’t (location, aspect, window sizes, walkability).
"Natural light is a big one," Nicholas emphasises, "because if you're going to be living in a home, you want it to be bright and a happy space. And always check water pressure in the shower – that's something you can't improve later on.”
If you're looking at houses, Rihann suggests checking the building report first. "Get your hands on the building inspection if possible. It'll show you the property's history, including any issues with pests or moisture. This comes at an extra cost but can save you thousands in the long run."
Finding a Team
Assemble your team: a mortgage broker to navigate lending options, a property lawyer or conveyancer to review contracts, and a knowledgeable real estate advisor.
"It's all about preparation and knowing what you're getting into," says Rihann. "A mortgage broker helps you understand what you can afford. You don't want to hit that stretch point for your first property and cause yourself unnecessary stress."
Having a real estate agent on your side can also help to point you in the right direction. As Rihann suggests, “There may be a small suburb next to where you’re looking that you may not have even thought about. A good agent is always going to help you get the most value for your money and find you the right property.”
Auction vs Private Treaty
Your first auction can be nerve-wracking, but preparation conquers anxiety. "Don't be afraid of auctions," Rihann advises. "They're actually the most transparent way to buy property. You can see exactly where the market stands and what other buyers are willing to pay – something you won’t get in private treaty sales."
Attending several beforehand can help you get comfortable with the process. Nicholas adds: "Walk into an auction knowing your absolute top limit. Have it written down on paper in your hand, so when pressure mounts, you know your boundaries."
Private treaty sales offer the advantage of a cooling-off period and the ability to negotiate terms. If you choose this option of sale, know your position (are there other offers?) and use it to your advantage.
Whichever route you choose, thorough due diligence remains essential.
Bottom Line
Property ownership isn't just about the investment – it's about creating your own space in the world, on your terms. The process might feel daunting, but the feeling of turning the key in your own front door? Worth every moment.
Ready to start your preparation? Download our free Suburb Report to help you find your perfect postcode.
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