Vision Property & Finance have helped thousands of people achieve their home ownership dreams. Nothing is more exciting for us than to see happy clients moving into their First Home. Not only does it represent the attainment of a significant life goal for so many people, however, it is also the culmination of years of hard work and sacrifice.
For many people who may be starting their journey now, with the idea that one day – hopefully soon – they will own their own home and have their very own space to call their own, it can help to map out the steps that lay ahead.
Steps to Owning Your First Home
Step #1 – Dream Big and Get Excited
The first step on the road to First Home ownership comes with your very first ideas about having your own space to live and grow in. Allow yourself the freedom to imagine what your ideal home looks like, where it is located, and even how it will feel to actually live it there.
This is a very powerful mental technique that all the great goal-setters in life use. Also known as creative visualisation and mental rehearsal, dreaming about what can be is a great way to keep motivated as you start setting your goals for first home ownership.
At this stage, future home owners often like to visit display homes to get a real-life mental picture of the kind of home they want to plan to live in. They can find inspiration for colours of interiors and exteriors, layout, number and types of rooms, kitchens and bathrooms, and landscaping.
Step #2 – Saving for Your Dream Home’s Deposit
The reason for motivating yourself with a Big Dream is that the journey ahead of you will involve sacrifice. This is especially true when it comes to saving for a First Home deposit. Some people take drastic steps to get to reach their savings goal quicker; moving back in with parents, cutting back on take-away and café-bought coffees, and even abstaining from smashed avocado according to demographer, Bernard Salt, whose comments about the younger generation’s inability to save are now legendary.
At this point it is also useful to make sure you are budgeting correctly. Every dollar you earn needs to have a purpose; everyday expenses for living costs, longer-term bills and other costs, budgeting for replacement furniture, cars, computers and other electronics. Whatever you spend money on be sure to write it down and record how much you spend and when you spend it.
Your budget is your plan for living and not just your plan to save for a First Home deposit. When you finally do move in you will need to use your now-exceptional budgeting skills to plan all of your home-owner expenses such as: rates and water; and for unit dwellers, body corporate fees; as well as repairs and maintenance. Budgeting is a life-skill that is always in-season.
Step #3 – Applying for a Home Loan
This step is where Vision Property & Finance can really help you come up with the best loan product for your unique circumstances. We take our time to really get to understand you, your needs, and your plans for your life ahead.
We have a dedicated First Home Buyers Program that can put you on the path to home ownership success. The program gives you all of the information you need about the finance industry and how it works, how much to borrow, what property to buy, managing repayments, as well as regular reviews to make sure your on-track and using the best loan for your needs.
Step #4 – Buying a Home
This is a mammoth task and can take people anywhere from a few weeks to several months. Firstly, you need to find a home that’s suitable. This could involve deciding on a builder and house design, or buying an existing property and making it your own. You could buy at an auction, or more commonly, you may purchase via a private treaty. After buying there will be some time until settlement occurs, where you pay the previous owners (or the builder) and take possession of your home.
Step #5 – Moving into Your New Home
This is the final and most exciting step. Organising a removalist to collect your furniture and personal goods and moving it into your new property. It is always great fun to unpack and put away your belongings in every nook and cranny of your new home. It gives you a chance to imagine yourself in many of the favourite places throughout the home over many years to come. Many people like to leave some money in the moving budget for a bottle of Champaign or take-away meal to celebrate achieving their dream of owning their very own home.
Wanting to buy your first home?
From start to finish the journey can take years. However, if you are interested in learning how Vision Property & Finance can help shorten your journey to achieving your home-ownership goals, contact us today or call 1800 004 663 to find out more.