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How to Transition from Renter to First Home Owner

August 2019

The thought of owning your own home whilst renting can feel overwhelming and seem to be completely out of reach. It raises so many questions – How will I save a deposit while paying for rent? Where do I start? Who can help me with all of the BIG decisions? It’s comforting to remember that all renters in your position have had the same thoughts.

While the path to first home ownership is not an easy one, the following tips may help transition you from renter to first home owner.

Organise your finances

When making the jump into first home ownership it is important to consider your budget. Take into account what you are paying in rent, groceries, utilities and even your morning coffee. Getting an idea of how much you are spending every day can help you determine how much you have leftover to put towards a deposit. Just remember to leave yourself a bit of wiggle room in case anything unexpected occurs.

A number of great online tools are at your disposal to aid you with budgeting, or if you are still feeling a bit lost, why not speak to your bank? They can help by giving you an indication of how much you may need for a deposit, put you on a savings plan or even set up a ‘Goal Saver’ account to help you on your way.

Find the home that best suits you

They say cash is king, but in the property market, research is! No good plan started without a bit of researc,h and transitioning from a renter to first home owner is no different. Get out and visit display homes, find your preferred floor plan and get some quotes! This will help you work out exactly what you need to budget for, along with getting an idea on upgrades and finishes that you like that may cost a little bit extra.

Know what you want – and stick to it!

While it might seem like a good idea to compromise on the things that you want just to get into the property market, sometimes it is better to wait just that little bit longer. If you can have that slightly bigger backyard that you’ve always wanted by waiting an extra couple of months to build up your deposit then it seems silly to rush into it. You will be happier with your space in the long run and not scrambling to find somewhere else after a few years.

Talk to the experts

Visit the Exford Waters land sales office and speak to our experienced staff. Our Estate Manager has an extensive history in real estate and has helped a number of first home buyers find their perfect space. The team can help work out what size block you need and then work out the required deposit to get the ball rolling!

The friendly team at Exford Waters is always on hand to help you navigate the process. Speak to our experienced team by calling 1800 777 800 or by visiting our sales office at 255-299 Exford Road, Weir Views.