This is a subject I've dodged for so long and always maintained the mentality that "I'll never own a home in Australia, the time has passed". That was 10 years ago and now I am older my mentality has changed, and so have the rules...
New industries are being formed and existing industries are changing thanks to the internet. So why are we still sticking to our old school ways? Well it's like attempting to buy anything, we like dealing with sales people, but now for the most part we can now deal with project managers, specialists and online platforms. We now have options.
This article will scratch the surface on buying your first home in Australia and point you in the right direction. This is not financial advice, but merely an outsiders perspective on where to start. I've been researching this subject the past few months and after our Royal Commission things became a little more interesting.
Where In Australia Do You Want To Live?
First things first... Where are you thinking of buying a home? This questions is most likely going to be answered with "near my work" or "as far away from my parents as possible", but if you work from home or looking for a change you can literally buy anywhere in Australia.
We have a landmass of Europe and you can choose what type of weather you like, the community type or you can even break down to cultural preference in the cities surrounding suburbs. That is the beauty of Australia.
The most expensive place to live in Australia is Sydney, but not everywhere in Sydney... This metropolitan area is broken down into regions: North Shore, Eastern Suburbs, Westerns Suburbs, Hills District, South West, Illawarra and so on. Check out Regions of Sydney.
(Watch the video to see what $1m gets you in some places in Sydney's suburbs)
Using Sydney as an example, you can choose to live on the outskirts if you're on a budget or starting a new family. The Hills regions is not 100% developed and is still affordable for land.
Other things to consider are development project that are happening within the regions. For example Sydney is building a second international airport, it will be called the Western Sydney Airport and you don't want to live in the next Temp/Marrickville on flight paths.
New vs Existing Home
Down to complete preference!
If you're buying an existing home then the most obvious one is house shopping on Real Estate and check out what you can buy for your budget. Another avenue is hiring a buyers agent.
Building a new home is becoming the affordable options with Government grants being released for first home builders in Australia. The first step is look at land based on your budget. When searching for land on RealEstate.com.au use the filters and select land.
Search For Government Grants on Google AU
New Style Of Home Loans
Thank you internet! Recently I ran into a website that is disrupting the home loan industry here in Australia. This website rewards their customers with kickbacks. For those into blockchain platforms, sound familiar?
Hero Broker has received a tonne of criticism from mortgage brokers for giving the client part of the commission back, which to mortgage brokers is insane, but the client it is a complete win. Yeah I'm impressed so they get a mention. There aren't any other platforms like this in Australia. Check out the video and YouTube Channel where they provide a lot of information already.
The traditional way is to go see a mortgage broker or to visit your bank manager in the branch and discuss your options. Of course these people won't tell you all your options, much like not many places will serve Coke and Pepsi. They all have their own agenda and commission structures.
Generally people will go to one of the big four banks: See banking in Australia to know what the "Big Four" means.
What Kind Of Home Do You Want?
Buying or building your home is bloody time consuming and confusing to anyone not always interacting with these industries. This is where specialists come in!
There are a few different types of home builds you can go for:
- Residential Buyers Agent - Buy an existing home and hire an agent to create options and opportunity for you. This is the most common way to buy a home in existing communities. Prosper Group are based in Brisbane and Sydney.
- Shipping Container Home - The most affordable way to build a shack or small home. These types of homes are really popular in rural regions where you can setup solar panels to generate electricity and maintain a small farm or large garden. Container Build Group are based in NSW.
- Kit Home - kit homes are pre-designed homes. These are great if you're on a budget and not too fussed on having something unique to the land. Imagine Kit Homes is based in Brisbane but ships world wide.
- Custom Home - Custom homes are your project managers that deal with architects, engineers and the construction workers so you don't have to. This is ideal if you want a unique home and don't have time - or patents - to manage the whole process. Nav Homes is based in Sydney.
Managing Architects, Engineers and Contractors Yourself?
I learnt here that this is where you can really burn through your money if you try and manage all this yourself, unless you work in this industry and your mates hook you up with deals.
I discovered that most rural and town regions have just a few people and business comes from word of mouth. Really your choice becomes overwhelming when you get to Brisbane, Sydney, Perth and Melbourne. I've listed a few reputable options above, but the best way to find out for yourself is to call these people and talk to them.
Internet Of Things
If you've done everything then you're on your way to looking into home loans, builders and you are now thinking about furniture. Can suggest installing IoT devices into your home?
IoT devices I'm sure you've heard of, with the most popular device on market is a WiFi Light. Installing WiFi globes is expensive in your home, but if you're building a new home then think about setting up IoT within the wiring of your home for example.
Devices you might consider:
- WiFi Switches to Control Electricity Flow
- WiFi Power Outlets with USB Ports for Chargers
- WiFi Sensors on Windows and Doors for Security
There are also other devices available. Best thing is to check out JB HiFi stores and ask someone about WiFi IoT Devices. The have a Smart Home Section on the website.
Good luck and thanks for reading. Share if you found it valuable or upvote if you're on the steem network.