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Finding the right home

Buying your first home in the Australian Capital Territory (ACT) can be an exciting yet daunting experience. To ensure you find the right home for your needs, it’s important to do your research. Here are some tips on how to research the market and find your perfect home:

  1. Determine your budget: Before you start looking at properties, you need to determine your budget. This will help you narrow down your search and ensure you don’t waste time looking at homes that are outside your price range. You should also factor in additional costs, such as stamp duty, legal fees, and moving expenses.

  2. Use online real estate websites: Online real estate websites such as realestate.com.au and domain.com.au are great resources for finding properties in the ACT. You can search for properties based on your budget, location, and other criteria. These websites also provide valuable information such as property photos, floorplans, and property history.

  3. Attend open homes: Attending open homes is a great way to get a feel for different properties and neighbourhoods. It also allows you to ask questions and get information from the selling agent.

  4. Research the neighbourhood: Researching the neighbourhood is important to ensure you find a home in an area that meets your needs. Consider factors such as proximity to public transportation, schools, shops, and other amenities. You should also research crime rates and property values in the area.

  5. Consider working with a real estate agent: A real estate agent can be a valuable resource when searching for your first home in the ACT. They can provide expert advice on the local market and help you find properties that meet your needs and budget. They can also handle negotiations and help you navigate the buying process.

If you’re searching for a home in Taylor, Moncrieff, Crace, Bonner, Casey, Ngunnawal, Gungahlin, or Ford, MainStream Real Estate is the ideal option to consider.

By following these tips, you can research the market and find the right home for your needs in Canberra. Remember to take your time and consider all your options before making a final decision

Buying your first home is an exciting and often overwhelming experience. One of the biggest decisions you’ll need to make is where to buy your first home. With so many suburbs to choose from in Canberra, it can be challenging to determine which one is right for you. 

We’ll discuss the factors you should consider when choosing a suburb to buy your first home in.

Affordability

Affordability is a critical factor to consider when buying your first home. Look for suburbs that are within your budget, and don’t forget to factor in additional costs such as stamp duty, conveyancing fees, and moving costs. The more affordable a suburb, the easier it will be to pay off your mortgage and enjoy your new home.

Amenities

Consider the amenities available in the suburb you’re considering. Are there good schools, shopping centres, healthcare facilities, and public transportation options? These amenities can make a big difference in your daily life and the value of your property. Suburbs with more amenities are typically more expensive, so be prepared to compromise if you’re on a tight budget.

Location

The location of the suburb is also an essential factor to consider. Look for suburbs that are close to your workplace, friends, and family. If you’re not familiar with the area, take a drive around to see what it’s like. Check out the local shops, cafes, and parks to get a feel for the community.

Safety

Safety is a top priority for everyone, especially when buying your first home. Research crime statistics in the suburbs you’re considering and check for any potential hazards such as flood zones or bushfire-prone areas. This information will give you peace of mind and help you make an informed decision.

Future development

Finally, consider any future developments that may impact the value of your property. Are there any planned infrastructure projects such as roads, public transportation, or shopping centres? These developments can increase the value of your property over time, making it a smart investment.

Type of Property

Consider the type of property you want to buy. Do you want a house, apartment, or townhouse? Each type of property has its pros and cons, so weigh up the options based on your budget, lifestyle, and preferences.

Resale Value

While your first home may not be your forever home, it’s still essential to consider its resale value. Look for suburbs with a history of increasing property values and consider the potential for future growth in the area.

Community Atmosphere

Consider the atmosphere of the community in the suburb you’re considering. Are the people friendly and welcoming? Is there a sense of community spirit? These factors can make a big difference in how you feel about your new home and can help you settle into your new surroundings more easily.

Your Future Plans

Finally, consider your future plans when buying your first home. Do you plan on starting a family, travelling frequently, or working from home? These factors can influence the type of property you buy and the location you choose.

Now that you know what factors to consider, which suburb should you buy your first home in? Ultimately, the answer will depend on your budget, lifestyle, and preferences. 

However, some suburbs that are popular among first-time homebuyers in Canberra include Taylor, Moncrieff, Crace, Bonner, Casey, Ngunnawal, Gungahlin, and Ford

In conclusion, buying your first home is an exciting milestone, but it’s essential to consider the factors discussed above to make an informed decision. 

At MainStream Real Estate, we specialise in helping first-time homebuyers find their dream home in Canberra. Contact us today to learn more about our services and how we can assist you in your home buying journey.

If you’re a first-time homebuyer in Canberra, there are several types of properties to consider. Each has its pros and cons, and the decision you make will depend on your budget, lifestyle, and preferences. We’ll explore the different types of properties available in Canberra and outline the benefits and drawbacks of each.

1. New/Off the Plan

This refers to properties that are yet to be constructed, and you are buying them based on the architectural plans and designs. This means you won’t be able to inspect the property before buying.

Pros

  • Brand new and modern features and appliances.
  • Stamp duty savings and government grants for first-time homebuyers.
  • Often located in newly developed areas with amenities.

Cons

  • May not be able to inspect the property before buying.
  • Unforeseen delays or changes to the construction plan.
  • Limited opportunity for customization.

Additional points to consider

  • Research the developer’s reputation and track record before making a purchase.
  • Consider the location and potential for future growth in the area.

2. House and Land Package

This is where you buy a parcel of land and a home design as a package deal, and a builder will construct the home on the land according to your specifications.

Pros

  • Ability to customise the home to your specifications.
  • Potential for stamp duty savings on the land component.
  • Often located in new or developing areas with amenities.

Cons

  • More expensive than established properties.
  • Additional costs associated with site preparation and landscaping.
  • Longer wait times for construction to be completed.

Additional points to consider

  • Research the builder’s reputation and track record before making a purchase.
  • Consider the location and potential for future growth in the area.
  • Consider the costs and time associated with customising the home to your specifications.

3. Apartment/Unit

A type of property that is part of a larger complex, typically multi-story buildings, with shared common areas and amenities.

Pros

  • Affordable option for first-time homebuyers.
  • Located in convenient locations close to amenities and public transport.
  • Low-maintenance option, as building maintenance is typically covered by strata fees.

Cons

  • Noise from neighbours.
  • Limited outdoor space.
  • Body corporate fees may be required.

Additional points to consider

  • Research the strata fees and rules before making a purchase.
  • Consider the potential for noise and privacy issues.
  • Look for apartments or units with balconies or outdoor spaces.

4. Established Property

A property that has already been built and lived in, typically located in established neighbourhoods.

Pros

  • More affordable than new properties.
  • Character and charm.
  • Often located in established neighbourhoods with a strong sense of community.

Cons

  • May require more maintenance than newer properties.
  • May not have the latest features or appliances.
  • Higher ongoing maintenance costs associated with older properties.

Additional points to consider

  • Research the age and condition of the property before making a purchase.
  • Consider the potential for ongoing maintenance costs.
  • Look for established properties in desirable neighbourhoods with good growth potential.

5. Buying to Renovate

This is when you purchase an older or run-down property with the intention of renovating it to increase its value or customise it to your liking.

Pros

  • Cost-effective way to get your dream home.
  • Opportunity to customise the property to your specifications.
  • Potential to add value to the property.

Cons

  • Time-consuming and expensive process.
  • Unforeseen issues may arise during the renovation process.
  • Potential for cost overruns.

Additional points to consider

  • Research the potential for renovation in the area and the associated costs.
  • Consider the time and effort required to complete the renovation.
  • Look for properties with good bones and potential for value appreciation.

Ultimately, the type of property you should buy in Canberra will depend on your budget, lifestyle, and preferences.

It’s important to work with a reputable real estate agent in Canberra who can help guide you through the process and provide expert advice on the best type of property to suit your needs.

At MainStream Real Estate, we specialise in helping first-time homebuyers find their dream property in Canberra. Contact us today to learn more about our services and how we can assist you in your property buying journey.

Open inspections are a crucial part of the home buying process. It is a chance for potential buyers to get a first-hand look at a property and evaluate whether it meets their needs and preferences. Here’s a more detailed guide on the open for inspection process and inspection reports:

  1. Research: Start by researching the properties you’re interested in online. Look at the photos, floor plans, and property descriptions to ensure the property meets your criteria. Consider the location and proximity to amenities, schools, and transport.

  2. Attend the inspection: Arrive on time for the inspection and introduce yourself to the agent. Take the time to inspect the property thoroughly, checking the condition of the property, age of appliances, and any repairs that may be required.

  3. Take notes and photos: It’s essential to take notes and photos of the property during the inspection, especially if you’re attending multiple inspections. This will help you remember each property and compare them later.

  4. Inspection reports: Inspection reports are a written report that outlines the condition of a property, highlighting any potential issues or defects. The report will typically cover the structure, roof, plumbing, electrical, and other areas of the property. A professional inspector will conduct the inspection and provide the report to the buyer.

  5. Review the inspection report: Once you receive the inspection report, review it thoroughly with your real estate agent. Highlight any areas of concern and discuss your options with your agent.

  6. Follow up: If you’re interested in the property, follow up with the agent after the inspection. Ask any additional questions and express your interest in the property. This will help the agent keep you in mind if there are multiple offers on the property.

  7. Consider a second inspection: If you’re serious about the property, consider attending a second inspection. This will give you an opportunity to inspect the property more thoroughly and make a final decision.

In summary, attending open for inspections is an important step in the home buying process. It allows potential buyers to evaluate the property’s condition and determine whether it meets their needs and preferences.

Inspection reports are an essential tool for evaluating the condition of a property and identifying any potential issues or defects. Remember to review the inspection report thoroughly with your agent and consider attending a second inspection if you’re serious about the property.

When purchasing a property in Australia, one of the most important documents you’ll need to review is the Section 32 statement. Here’s a detailed guide on what a Section 32 statement is and why it’s essential for first-time home buyers

What is a Section 32 statement?

A Section 32 statement is a legal document that provides important information to potential buyers about a property they are considering purchasing. It is also known as a Vendor’s Statement or a Section 32 Vendor’s Statement.

The Section 32 statement includes information about the property’s title, any mortgages or other encumbrances on the property, any easements or covenants, zoning and planning restrictions, rates and taxes, and any other relevant details that a buyer should be aware of.

Why is a Section 32 statement important?

A Section 32 statement is an essential document that should be reviewed before purchasing a property. It provides important information about the property that could impact the buyer’s decision, such as any legal or financial issues that could affect the purchase.

Reviewing a Section 32 statement can help potential buyers avoid any surprises down the line and ensure they’re making an informed decision about the property.

What information does a Section 32 statement include?

A Section 32 statement typically includes the following information:

  1. Title information: This includes the property’s title number, the date the seller acquired the property, and any restrictions on the title.

  2. Mortgages and encumbrances: This section includes information about any mortgages or other encumbrances on the property, such as caveats, liens, or charges.

  3. Easements and covenants: This section includes information about any easements or covenants on the property, such as a right-of-way or building covenant.

  4. Zoning and planning: This section includes information about the property’s zoning and any planning restrictions that may apply.

  5. Rates and taxes: This section includes information about any rates, taxes, or other charges associated with the property.

  6. Other relevant details: This section may include any other relevant details about the property that a buyer should be aware of, such as any defects or outstanding repairs.

In summary, a Section 32 statement is an important legal document that provides crucial information about a property to potential buyers. It’s essential to review this document carefully and seek professional advice if needed before making an offer on a property. 

As a first-time home buyer, it’s crucial to ensure you understand the contents of a Section 32 statement to make an informed decision about purchasing a property.

As a first-time home buyer, it’s important to be aware of common mistakes that people make when purchasing a property. Here are some common mistakes to avoid when researching the market, selecting a suburb, choosing a property type, conducting inspections, and reviewing Section 32 documents:

Researching the market

  • Not doing enough research: It’s important to thoroughly research the property market before making an offer on a property. This includes understanding property prices, current market trends, and the buying process.

  • Relying solely on online research: While online research can provide valuable insights, it’s also important to speak with real estate agents, attend open inspections, and visit properties in person to get a more accurate understanding of the market.

Selection of the suburb

  • Choosing a suburb based solely on price: While price is an important factor, it’s also important to consider other factors such as proximity to amenities, public transport, and schools. A cheaper suburb may end up costing more in the long run if it lacks the necessary amenities.

  • Not considering future growth potential: It’s important to consider the future growth potential of a suburb when purchasing a property. This includes looking at future development plans, infrastructure projects, and population growth.

Type of property you should buy

  • Not considering your lifestyle needs: It’s important to choose a property type that fits your lifestyle needs. For example, a house and land package may be more suitable for a family with children, while an apartment or unit may be more suitable for a single person or couple.

  • Focusing solely on aesthetics: It’s important to look beyond the aesthetics of a property and consider the structural integrity, maintenance requirements, and potential resale value.

Inspection process

  • Skipping inspections: Skipping inspections can lead to unpleasant surprises down the line. It’s important to attend inspections and engage a professional inspector to ensure the property is in good condition.

  • Not asking enough questions: It’s important to ask questions during inspections to ensure you have a clear understanding of the property’s condition, potential issues, and any renovation or repair requirements.

Section 32

  • Not reviewing the document carefully: It’s important to review the Section 32 document carefully and seek professional advice if needed. Not reviewing the document carefully can lead to unpleasant surprises and legal issues down the line.

  • Ignoring any red flags: If the Section 32 document reveals any red flags such as outstanding debts or legal disputes, it’s important to seek advice and carefully consider the potential risks before making an offer on the property.

By avoiding these common mistakes, first-time home buyers can ensure a smoother and more successful property purchase. At MainStream Real Estate, our team of experienced agents can guide you through the buying process and help you avoid these common pitfalls.

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