Posted on February 24, 2022 in Be Inspired , Finance , The Building Process

Buying a home is one of the most exciting moments of your life. There’s so much that goes into it, and seeing all those pieces come together is a wonderful thing.

If you’re a first home buyer, making the leap into home ownership can feel like a very big step. As a leading home builder Perth, we understand the buying process better than anyone – and know when it’s a good time to get started.

To help you out, we’ve put together a list of the 6 top signs that you’re ready to buy a home. If these apply to you, then maybe it’s time to GO for it!

  1. You’ve done your homework

Buying a home is a huge investment, and isn’t something you can consider lightly. Before you set your heart on your dream home, it definitely pays to do your homework. Think about:

  • What suburb will work best for you? Factor in proximity to local transport, distance to work, what the school catchment is like, plus the current and future amenities available. Before you set your heart on a suburb, make sure to pay a visit in person so you can get a good feel for the area.
  • What size home do you need? Is this a home you’re planning on staying in for the short term, or is it a long-term investment? This will factor into things like the number of bedrooms, size of your block, and other considerations.
  • Do you have enough savings? We’ll go into this in more detail, but it definitely helps to make sure you have a plan in place to tackle future bills.
  • Have you looked at available grants? There are several Government grants available to support you, whether you’re a first home buyer or a previous homeowner. You can find out more about these on our Grants and Schemes page.
  1. You’ve saved a deposit

Saving money for a sizeable home deposit is a fantastic achievement. If you’re able to save a 20% deposit or more, you can avoid lenders mortgage insurance (LMI), which is a one-off premium that is added to your home loan.

However, if you don’t have a 20% deposit, don’t fear! The Keystart program can help you get into your own home with just a 2% deposit. Plus, you can use the First Home Owners Grant towards this deposit, too.

At GO Homes, we’re proud to have a strong partnership with The Loan Co, giving you access to some of Perth’s leading lenders. If you’d like to know more about how you can take your deposit further, or the best home loan for you, you can find out more here.

  1. You’re sick of renting

Whether you’re dealing with dodgy roommates or you’re just tired of the constant inspections, renting definitely has its drawbacks. The current rental shortage has also made it harder to find quality rentals, so if you’re in a position to buy, there’s really never been a better time.

To make the transition from renting to owning a little easier, it’s important to keep track of your spending during this time. Every little bit you can save will make a big difference in the long term.

  1. You’re ready for the next stage of life

Starting a new stage of life is always exciting. You could be moving from Mum and Dad’s, looking to invest, or just wanting to move ahead with future plans. Whatever your reason, make sure you have a good idea of what’s involved. We’ve put together some of the costs to consider when buying a home:

  • Settlement agent fees during the buying process
  • Building and pest inspection fees
  • Stamp duty (though there are concessions if you are a first home buyer)
  • Removalist costs
  • Council and water rates
  • Home and contents insurance
  • Maintenance and repair fees
  • Utilities (water, electricity, gas, internet)

Crunching the numbers will help determine if you have the ongoing cashflow each month to pay your bills and mortgage without feeling the stress. It’s important to be realistic with your spending to give you a good idea of what you can afford upfront, so you’re not struggling in the future.

  1. You’ve kept up with the local market

There’s no doubt the housing market in Perth has changed a lot in recent years. Staying up to date with market movements will help you understand the value of your investment, and allow you to focus on locations or communities that are expected to perform well in the future.

  1. You’re ready to see what’s out there

One of the best parts about preparing to buy your dream home is turning your ideas into reality. From your perfect kitchen, to a luxurious master suite, seeing your vision brought to life is incredibly exciting.

At GO Homes, we have a number of display homes across Perth ready for you to view today. So, no matter where you’re looking to settle down, we’ve got the display home options for you!

Feeling good to GO?

If you’ve read all the above and you’re feeling confident about taking the next step into home ownership, we’re ready to help you make it happen. As a highly experienced home builder Perth, we can make the process as easy as possible for you. When you’re good to GO for it, chat with our friendly team!