Entering the property market and buying your first house can seem daunting. It is important to take a series of steps to ensure that your buying and building process is as smooth as possible. Buying your first home is a big step in your financial life and speaking to experts and making smart decisions regarding loans and deposits is essential. Here are some tips for you to consider when buying your first home.
Borrowing Money: A Good Sized Deposit
It is important to make sure that you are first eligible for a home loan. This might involve contacting multiple lenders to see how much you are eligible to borrow. This is based on a range of factors that include living expenses, current assets, income and the type of income that you have coming in. It is also important to pay off as much current debt as you can as this will also affect the loan amount you will be eligible for – managing your credit cards well will also enhance borrowing capacity. Speak to people and review different lenders to get an idea of who will offer you the best loan and service – and take your time, there is no rush.
It is beneficial to have a good sized deposit and so it is important to make the most of your income and figure out how much money you spend each week. Factor everything into your spending and get to know your money habits and whether you can cut back on anything.
Know that it is alright to start smaller with your first house and upgrade later in life if you need something different.
Inspect Homes And Browse Displays
This is your first home, therefore you might need to do some work to really know what it is you want – this can be the fun part! Spend time inspecting homes and prices, visit display homes to know what type of home design you want for yourself and potentially your future. This can include the number of bedrooms, bathrooms, size of kitchen – the possibilities are endless and choosing what is right for you is important.
Save. Save. Save
Work on your saving habits. This is absolutely essential when seeking to purchase your first home and pay off your loan with ease. There are hidden costs that might come up during the buying, or building process, which is why having smart saving strategies is important to allow you to cope with repayments and other surprise charges. Do whatever it takes to assess your spending habits – download apps, or make a table where you can note down your spending habits to see where money is being spent, as well as where it can be saved. Don’t forget the front of your new house is also going to need some love.
Talk To The Experts
Talking to professionals is a critical step in entering the property market and settling down in your first house. Industry professionals will make the process so much easier and give you a great sense of comfort in the fact you are making the right decisions for yourself and your future. This can include financial advisors who will assist you in budget planning and assessment, as well speaking to us at iBuildNew.
In the midst of all the stress and signing, it’s easy to forget that in addition to a budget for purchasing a home, you also need a budget for everything that goes in it! Filling the rooms of your new abode down to the smaller household essentials is no easy feat. To help you on your journey to creating a space that has everything you need and more, we’ve set out some of the necessities you can’t forget when stocking and styling as a first-time buyer.
Start From Your Bedroom
After all, this is where you’ll spend a third of your day. During the first few weeks of adjustment and fuss, it’s very important to have a place where you can relax away from all the stress.
Pay special attention to your bed and don’t hesitate to get a good mattress and high thread count bedding. If you’re one of those mythical morning people, you might want to choose a light colour palette and airy window curtains that let a lot of light in. Night owls who can afford to sleep can be a bit bolder with the colour and opt for deep and cosy tones and heavy window treatment. A well-designed space always mirrors your personality and lifestyle, so keep that in mind through your home decoration.
An extra set of hangers is the indispensable, often forgotten new home necessity! Nothing ruins the organised appeal of a large, sleek closet quite like clothes in piles, flooding out of drawers and draped over any and every available space. On this note, a full-length mirror is an equally essential item for the bedroom and the only way to ensure your outfits are looking great.
Embrace Paint
Paint can be a real saviour sometimes, especially if you’re trying to decorate your home on a tight budget. It’s relatively inexpensive and has countless uses. For instance, you can add interest to your bedroom by painting a faux headboard, bring some order to your mismatched chairs by painting the legs the same colour or simply use it to tie everything together and create a coherent space.
Kitchen
The kitchen is the heart of the home and isn’t complete without a few easily overlooked essentials. Tea towels, oven mitts and cutlery definitely make this list. As do a cutting board, can opener and set of measuring cups. Chances are, you’re not going to forget the toaster or kettle but the little necessities you can’t go without when trying to cook anything from an all-out three-course meal to the more humble baking of cookies.
Image: Fresh Home
Living Room
The living room is one of the rooms you’ll spend the most time in. It is also the main space where you’ll entertain visiting friends and guests. You’ve probably spent hours carefully matching the colour of your couch to the shade of your curtains, only to neglect coasters, throw rugs and functional storage. Do yourself a favour and invest in a cute set of coasters to preserve that new coffee table, as well as an ottoman with built-in storage to store those light throw rugs – you’ll thank yourself when it comes to those chilly nights in front of the TV!
Don’t Be Too Matchy-Matchy
Even though you can often see a lot of matching and colour-coordinated furniture pieces, they can make your home look too sterile and generic. A few pieces of the same style are great, but avoid being too matchy-matchy. Let your personal style and preference show in your interior design. It will give your new home character and interest.
However, you have to pay close attention to proportion and scale. For instance, one oversized lounge chair can serve as an amazing focal point, but filling your home with five huge pieces of furniture will swallow the whole room and make it stuffy and claustrophobic. Similarly, putting a small table for four into a spacious dining room will look just as unattractive and underwhelming.
Image: Getty
Bathroom
It’s unpleasant and no one wants to think about it but sometimes the need will arise for a toilet plunger. As a first-time buyer, this is one handy essential you can’t go without! Perhaps even more important for the bathroom, towels are the one item you can’t leave off your list. Don’t be shivering, sopping wet and forced to air dry!
Invest In Sustainable And Durable Materials
One thing that is always good is to invest in sturdy, durable materials and sustainable items. Today, being eco-friendly is more important than ever before, so make sure to do something good for the environment. For instance, sturdy bathtubs made of natural stone will last practically forever and always be trendy and useful no matter what. So, try to resist the urge to buy cheap but trendy furniture pieces that will end up somewhere in a dump in two years. Investing in pieces that are high-quality and timeless in design is the best and greenest way to go.
Image: Abby Lawson
Garage
Not only does it house many people’s most loved possession – their car! – it inevitably winds up as the holding place for any bits and bobs that don’t quite fit with the decor of the home. Whether it’s a quality toolbox, extra storage space or even that spare bottle of engine oil, the garage is the DIYers go-to for an extra extension lead, a drill and everything in between. As a first-time buyer, stock up on the essentials and be prepared for any kind of emergency!
Sleep On It
Once they buy their first home, most people rush to fill it with things they always dreamed about, especially those who are decor enthusiasts. In a few months, they might find themselves surrounded by clutter. So, instead of splurging on every decor item you see, try to embrace minimalism. Of course, this doesn’t mean you have to live like a Spartan, but some moderation can do wonders for your home’s style. Plus, minimalism and sustainability are very popular today!
Take It Easy
You might have this magazine-cover home in your head, but most commonly, your first home will not live up to all your expectations. However, that’s totally fine. You’ll have time to adjust to things, change your design plan and even come up with better ideas. Additionally, your first home is possibly not your last one, so you’ll have opportunities to do something different in the future.
Buying your first home will bring you a lot of joy and excitement. There are so many easy, fast and inexpensive ways you can decorate your new home and make it comfy and stylish. However, if at any moment you find yourself out of your depth, you can always contact pro designers who will, with your help and guidance, make it just perfect!
1800 184 284
