Is 2024 the year you buy your first home? Congratulations on deciding to take this step; it’s exciting and has the potential to set you up for a financially prosperous future.

In our current economic climate, the biggest challenge is finding a property that fits your needs and suits your budget. Unless you are earning a multi-six-figure income or you have a lot of help from family, you will need to start off with a place that is simple and small. However, this is still very exciting because once you have your foot on the property ladder, the only way is up.

Getting through the first home buyer process is worth it, so let’s make 2024 your year. The following steps will help you find and secure a place:

Buy your first home in 2024

• Assess your needs

One of the best pieces of advice you will ever get when hunting for your first home is to break things down into three categories: non-negotiables, negotiables and bonuses.

Non-negotiables are requirements that you can not do without. It might be imperative, for example, that you have at least two bedrooms or are located close to public transport so you can get to and from work without using your car.

Negotiables are things you prefer to have in the home but can live without. This might be a second bedroom or undercover parking. These are the elements where you will need to compromise the most. Most likely, you won’t find a home that comes with all your non-negotiables and all your negotiables. You may need to sacrifice some of the negotiables to get all your must-haves.

The bonuses are things that you would love to have but aren’t necessary. The most obvious of these would be a swimming pool or an ocean view.

If your non-negotiables aren’t obtainable in terms of budget, you will have to find a way to build a bigger deposit. Otherwise, be aware that compromise will be necessary. Remind yourself you won’t be in the place forever.

• Consider rentvesting as a flexible solution

Still can’t find a solution in the suburb where you want to live? One option many Aussies are choosing these days is to rentvest.

Rentvesting is a clever solution where you buy a property and lease it out while renting another property to live in yourself. This way, the property you rent out can help pay for where you are living. It also means you can rent in an area where you might not be able to afford to buy.

Many Australians rentvest by buying homes in regional areas; just be careful to buy where there is demand from tenants and future infrastructure growth so your property increases in value and you can recoup the mortgage costs.

• Think about buying with a friend or family member

Another option is to buy with others. Chipping in with someone else will increase your budget and the bigger your budget, the easier it is to tick all your boxes.

The government has recently expanded the First Home Guarantee to include people buying with family members or friends as well as couples, so you may be able to make the most of a government grant when purchasing your first home.

Buying with a friend or family member is an excellent way to get your foot in the door of the real estate market. It is a stepping stone that can help you purchase a home of your own in the future.

• Talk to a mortgage broker about government incentives

There are other grants and schemes you may be eligible for, depending on the type of home you wish to purchase, your income and your job.

Ask your mortgage broker if you qualify for a lower-cost deposit, a grant or exemption from stamp duty.

• Find a solicitor/conveyancer

These days, the early bird gets the worm when it comes to making an offer. You need to have a property law professional on your side to help you submit a signed contract so everything is locked in. If you enlist this person’s support early, you’ll be able to keep things moving.

Real estate agents usually have trusted conveyancers they are happy to refer you to.

• Get to know your local Professionals agent

Once you have figured out what you can afford, where you want to buy and the type of place you want, your local agent can give you advice and let you know what’s coming up on the market so you have a chance to put in an early offer.

It can take a little bit of time to get used to the process of buying a house so don’t be afraid to talk to agents and ask a lot of questions.

• Make an offer

When you find a place that ticks as many boxes as possible, you can submit your offer. The selling agent will help you suggest a figure that is reasonable and negotiate with the seller so you can reach a price everyone is happy with.

From there, it’s a matter of packing up and getting ready to move in!

Getting ready to buy your first home? Contact me at teresa@teresaberger.com.au today.