What first homebuyers should look for in a property

Buying a first home is a very personal decision, because everyone’s tastes and needs are different.

Buying a first home is a very personal decision, because everyone’s tastes and needs are different.

Nonetheless, there are a few things you should always consider when looking for a property, particularly after the COVID-19 crisis has made some properties more affordable for first homebuyers.

Opportunities post-COVID

First home buyers who still have a steady income will be in a strong position to take advantage of lower house prices,” says James Kirkland, Director of Sales at fixed-fee real estate agency Upside.

Kirkland expects house and apartment prices to fall when some of the assistance measures such as the JobKeeper supplement and the mortgage repayment freezes come to an end and more properties come onto the market. Sydney and Melbourne, the two cities with the largest numbers of COVID-19 cases, are likely to be hardest hit, he says.

And there’s another opportunity for first home buyers. Many of us are likely to keep working from home for at least some of the week even after the COVID-19 crisis has passed. If you’re going to be doing more work from home in future you might be able to move to regional areas or further away from the city centre where you get more for your money.

“For first home buyers that could open up a greater opportunity to perhaps live in a house as opposed to an apartment,” says Kirkland.

Don’t overlook the ugly duckling

Some first homebuyers can be put off by cosmetic features of a house which might make it less attractive but can be fixed relatively cheaply and easily. Those houses that aren’t immediately appealing are often cheaper than those which looked more polished.

“I see first home buyers going in and trying to buy something brand new and maybe overlooking a property that looks a bit ugly but you know for $10,000 or $20,000 and a paint job, it’s pretty amazing what a place could look like,” says Kirkland.

By the same token, don’t be fooled by a nice new paint job that might obscure bigger problems with the property and don’t be taken in by shiny new fittings. It’s always a good idea to have a thorough building inspection done or order a strata report if you are considering an apartment purchase.

Draw up a checklist

It’s a good idea to draw up a checklist of the key features you need in a property to ensure that you don’t let your emotions take over your decision making and end up with a property that doesn’t have some of your “must haves”.

“Then when you have those parameters set, you can let your imagination and your emotions run free within that perimeter and make sure that those things are ticked,” says UNO Home Loans mortgage broker Jay Ahluwalia.

Now home or forever home?

When you’re looking for a property, consider if this is a ‘now home’, a property purely to get your foot in the door of the property market, or a ‘forever home’, which you can envisage yourself living in for many years.

It’s an important question. If you are buying a ‘now house’, you want to think a little more like an investor and consider what its resale value or likely weekly rent will be if you plan to hold onto it as an investment property.

Think long-term

“You should consider what your lifestyle will be like in a few years’ time, not just right now,” says Ahluwalia.

For instance, a young couple might be planning to start a family, so you want to get a property with enough room for children and near good kindergartens and/or primary schools. Alternatively, you might have aging parents and might eventually want them to move in so you can care for them, which will require an extra room or a downstairs room like a study that can be converted into a bedroom.

Thinking long term is also important when it comes to your mortgage. Making sure you’re on the great rate makes good financial sense, but many just ‘set and forget’.

At UNO, we adopt a more active approach to managing your home loan, always alerting you to when there is a better rate and you could be saving money. We do this through with the help of our loanScore tool. It takes 2 mins to fill out your mortgage info and then we do the rest and send you updates so you can take action as and when you need to – plus it’s FREE. Click here to check our loanScore Tool.


Book Call Now

UNO home loans

Need help with your home loan?

UNO Brokers are available night and day for a quick review or your situation and bring expertise that will support better decision making that will save you time and money. Book in a quick call when it suits your busy schedule

Get Started

Related Articles

TESTIMONIALS

What our customers are saying

Sam Rezai
October 2, 2024
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
Read more
S Wilko
September 23, 2024
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
Read more
Shan Liao
September 3, 2024
I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
Read more
Nathanael Chin
September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
Read more
Patrick Winters
August 14, 2024
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
Read more
Lee Robibaro
August 6, 2024
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
Read more
Steve Mav
August 6, 2024
Scott and the whole team at uno have been amazing. Super responsive and helped us achieve a result that we couldn’t have possibly achieved on our own.
Read more
Thien Pham
August 5, 2024
Scott, Dalby and Jena were awesome to work with for my recent Home Loan, they are responsive and knowledgeable - which helped ensure a smooth purchase from pre-approvals to settlement. This is the second property I've purchased with UNO as my mortgage broker and would definitely recommend their services. Thanks again to the UNO Team for the awesome support.
Read more
Scott Hutchinson
August 5, 2024
I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson
Read more
Jason Seam
August 5, 2024
I've worked with Scott Wilkinson for my last 2 properties and he's been excellent. He sourced multiple options and didn't push a specific bank, tailoring his recommendations to me based on my requirements. I was specifically requesting a "medico loan" and Scott could navigate that extra requirement with expertise. When I was initially working with Scott, I was also trialling 2 other brokers and neither of those 2 had the same breadth of lenders, or could provide the same deals. I've referred multiple buyers to Scott and his team; one of them said to me after working with him, "how'd you find this guy, he's so good compared to all the other broker's I've worked with!" I'm going into my next purchase with Scott as my broker partner again. I recommend him to everyone
Read more
Tina Anderson
July 29, 2024
My experience with Mortgage Broker - Scott Wilkinson, and his team - exceeded my expectations! I couldn’t be happier after settlement - in this current financial climate. He listened to what my requirements were in a loan and then devised a suitable plan for me moving forward. Which was something I didn’t think was possible to achieve. I strongly believe that Scott’s qualifications and previous experience in the Finance Sector - sets him apart from other Mortgage Brokers as he has more insight into the industry and the needs of the customer. Scott was professional, provided solid options, was timely with communication and gave great advice. I will definitely be using Scott’s services in the future and I highly recommend him to anyone as a Mortgage Broker.
Read more
Marlon Baena
July 22, 2024
Karis dedication to assisting with our home loan, even while I was on holidays, truly exemplifies a commitment to excellent service. It's the small things that often make a big difference, and it seems Karis attention to detail and clear communication were key to our smooth home purchase. I highly recommend using UNO and Karis for your home loan needs.
Read more