Buying your first home is an exciting milestone, but it’s also a journey full of questions, decisions and paperwork. As agents who live and breathe real estate, we’ve guided countless first-home buyers through the process and picked up a few golden pieces of advice along the way. Here are some of our top 10 essential tips for making your first step on the property ladder a smart and rewarding one.
ONE: A Realistic Budget (and a Buffer)
Before anything else, know what you can afford. Factor in not just the purchase price but stamp duty, loan fees, settlement costs, insurance and ongoing maintenance. And always allow for a buffer, you’ll thank yourself later!
TWO: Know what you want vs what you need.
Your first home may not be your forever home and that’s okay. Create two lists: “non-negotiables” like location or number of bedrooms, and “nice-to-haves” like a pool or walk-in robe. This will help you stay focused when inspecting properties.
THREE: A Good Mortgage Broker or Banker
Someone who can guide you through different loan options, interest rates, and government schemes tailored to your goals. A broker can often access deals you might not find yourself.
FOUR: Understand all the costs.
It’s not just the deposit, factor in stamp duty (though first-home buyers may be eligible for concessions), settlement fees, building inspections and moving costs. Knowledge is power when it comes to budgeting.
FIVE: Get pre-approved.
Before you fall in love with that charming character home or sleek city apartment, make sure your finances are in order. A pre-approval not only gives you a clear budget but also shows sellers you’re serious.
SIX: An understanding of the local market.
You’re not just buying a home, you’re buying into a neighbourhood. Visit at different times of day, explore local amenities, and check out the school zones (even if you don’t have kids, future buyers might!).
SEVEN: Think long-term value.
Will the home suit you in 5 years? Could you rent it out later or renovate? A well-located home with growth potential can be a great stepping stone to your next property.
EIGHT: Be ready to move quickly.
Great homes may not stay on the market for long especially in Perth’s competitive climate. If you’ve done your prep, you can act fast and with confidence when the right property pops up.
NINE: Trust your instincts (but lean on experience).
You’ll know when a home feels right, but combine that gut feeling with expert advice to ensure you’re making a wise decision. Don’t be afraid to ask questions, that’s what we’re here for.
TEN: Get your team right.
Choose a local real estate agent who understands the area, a broker who explains finance in plain English, and a settlement agent who’ll take care of the fine print. A strong team makes all the difference.
At ART OF REAL ESTATE, we know buying your first home isn’t just a transaction, it’s a life moment. We’re here to guide you, advocate for you, and celebrate with you when the keys are finally in your hand. Welcome to homeownership, the smart way.