It is such an amazing time buying your first house, it can also be a great financial investment if you are prepared to put the hard work in.
We bought our first home at 20 after a lot of saving and being super frugal and because of our first house being a doer upper we were able to make a great profit and have now bought and live in our second house, but our first house will always hold a special place in our hearts. It was where Bella learnt to walk, talk and it was our first real "home".
So for our first home we were in a different financial position and we had a much smaller budget so we knew my husband was going to have to commute because we couldn't afford to buy in the city just yet.
We spent 1 year doing the house up and it was so stressful and we poured money into that place and worked our butts off. I hardly ever saw Lee at all, he left for work when Bella was asleep and came home when Bella was in bed so he basically only saw us on the weekends and maybe once or twice through the week if Bella happened to be awake.
One of the major expenses was we had to strip out our whole bathroom to replace the flooring because it was so mouldy and soft it was awful.(our builder report didn't pick this up). We couldn't have a bath or shower in that bathroom because every time we did it would leak right through to our house floor. I noticed this as I could smell mould one morning when I went to get dressed and I picked up my dress and it was covered in mould. My room was next door to the bathroom the leak had leaked through to my wardrobe. So make sure you get a good builder to check the house as if we knew this prior to putting an offer in we could have negotiated the price down a bit.
Once it was fixed I felt so much better as I missed my bath so much. To get away from all this stress we went on a little getaway, which was lovely until we returned to open our front door and find that our roof was leaking in our lounge at this point I was so done with that house,but with all our money being tied up in that place we needed to fix it. so we got a roofer in and got that fixed.
Then we painted the whole house white which took a few weeks. We needed a new carpet throughout the house, as when we bought it we knew it had rips in and it was well worn and ripped throughout. We did retaining walls in the back yard and flattened the section out, made steps to the hilly back yard. It took so much energy, time and money but in one year we totally transformed the place.
We managed to make a huge profit on that place. We sold with Bayleys and I would highly recommend them. We made a really good profit from that house and skip forward to now we were able to buy a brand new house in the city and its a great investment we think. We know its not our forever home and we only ever buy property with our heads and not our hearts because we think of these things.
Is it convenient for us?
Will it make us profit?
How fast is the market rising?
How much money/work do we need to put in?
How long will we keep it?
So for this house we are thinking of keeping it but renting it out in the next year or two and then we will buy our second property. It is very much a ladder and if you can invest in it then it can work out really well if you play your cards right, buy in the right place at the right time and be willing to get a "doer upper".
Things to consider when buying your first home
What work does it need done?
Can I afford to do the work that needs to be done?
Is it in a good school zone?
Is there amenities close by?
How long has it been on the market for and why?
Is it freehold? what is the title of the property?
Is it close to transport?
How much did the owners pay for the house? and the RV (not that this matters in the current house market) but its good to know.
What is your plan with the house? is it your "long term home" or your "for now home"? If it is your "for now home" you don't need to spend extravagant amounts on updates and decorating.
I hope these tips help with your search for your new home, it will be so worth it if you can buy your first house. Good luck :)