Buying your first home is kind of a big deal. You're not just splashing some cash, you're making a serious investment.
With that in mind, there’s a lot to consider when it comes time to start bidding, and asking the right questions early can save the headache of wasted time, money, and stress down the road. To help you get on top of things, we teamed up with our mates at Homebuyers Centre—your go-to home builder for affordable, stylish, and quality homes—to explore five key questions every first-timer should be asking themselves before slapping that sold sticker up.
How Much Can I Actually Afford?
Before diving into open homes and Pinterest boards, your first order of business should be speaking with a bank or mortgage broker to figure out what you can realistically afford. It’s not just about how much you can borrow—it’s about what fits with your current lifestyle and financial commitments. Not quite ready to give up date night? Holding on to your morning takeaway latte? All factors to be considered.
A broker or lender can break down your repayments (and how they might shift with interest rate changes), so you know exactly what you’ll have left to play with each month. Just remember—being approved for a bigger loan doesn’t mean you have to take it. Stretching yourself too far might mean more stress (and way too many instant noodle dinners).
Today’s housing crisis means governments are also stepping up to support first home buyers. Depending on your situation, you might be eligible for schemes like the Federal Government’s Home Guarantee Scheme, which allows you to buy with just a five per cent deposit instead of the standard 20 per cent. States and territories also offer grants and stamp duty concessions—so do your homework to get yourself the best deal.
If you’re going down the new home route, your home builder can usually hook you up with financial pros who speak first-home buyer fluently. Homebuyers Centre has in-house experts who can help you figure out what you can afford—and what government perks you might be able to tap into.
Should I Buy An Established Home Or Build New?
Deciding between an established home or something brand new is another biggie. Buying an existing property is often the go for those looking to move quickly or settle in a well-established suburb with their local faves. But these areas usually come with a heftier price tag and tougher competition.
On the flip side, building or buying new can be more cost-effective, not just up front, but in the long run. New homes are typically more energy-efficient and require less maintenance. They may also qualify for additional government incentives, and if your home builder offers fixed-price house and land packages, this can make it easier to stay on budget. Building new also means you get to shape your space to match your vibe—choosing from curated floorplans, finishes and fixtures that reflect your taste.
Am I Being Flexible Enough?
Let’s face it—if you’re buying with a strict budget (like most first home buyers), staying flexible on other details is essential.
Many buyers set their hearts on well-established suburbs close to the city, only to discover these postcodes are way out of budget. Being willing to consider building new in an up-and-coming area could also give you more value for money, without compromising on lifestyle.
These communities are often masterplanned with future residents in mind, meaning essentials like schools, supermarkets, parks, and public transport are either already nearby or well underway. Having a chat with a home builder can give you a clearer picture of what’s in the pipeline.
How Much Do I Need To Compromise?
Like with any major purchase, some level of compromise is usually required when purchasing property—unless your budget has no limits (in which case, go you!). The key is figuring out what you’re willing to compromise on, and what you're not.
An existing home can offer charm, character, and the bonus of being move-in ready. But it also means inheriting someone else’s taste—from the benchtops to flooring and everything in between. Even if it’s close to what you want, you’ll probably need to compromise on some things. And if they’re major, you could be looking at costly renovations, or learning to live with something a long way from your saved folder on Instagram.
On the other hand, building a new home might mean compromising on your OG dream location, but it lets you take the lead design-wise, tailoring your home with options for layouts, colours, and fixtures.
Am I Thinking About The Future?
Your first home is a major milestone—but also a launchpad for what’s next. Whether it’s starting a family, a business, or building wealth, choosing a home that can adapt to your future needs is a smart move.
Established homes often have “good bones”—solid structures, larger blocks, and layouts that give you the option to extend, update, or reconfigure down the track. On the flip side, building new lets you plan for the future right from the start by incorporating flexible living areas, home offices, or extra bedrooms, which could be game-changers in a few years.
Buying a home can be overwhelming, but partnering with experts like Homebuyers Centre ensures you’re surrounded by the right support along the way. Find out more here.
Editor’s note: This article is sponsored by Homebuyers Centre and proudly endorsed by Urban List. Thank you for supporting the sponsors who make Urban List possible. Click here for more information on our editorial policy.
Images: Urban List.