The easiest way to inspect a property as a first home buyer

Buying your first home in Padbury is an exciting milestone, but it can also feel overwhelming when you're standing in a property trying to work out if it's the right one. You've sorted your first home loan application, checked your first home buyer eligibility, and now you're ready to start looking at actual houses. But what should you be looking for during a property inspection?

Let me walk you through the key things to check so you can feel confident about making one of the biggest decisions of your life.

Understanding Your First Home Buyer Budget Before You Inspect

Before you even step foot in a property, you need to know exactly what you can afford. This means understanding your borrowing capacity and getting pre-approval for your home loan. When you apply for a home loan, lenders will look at your income, expenses, and deposit to determine how much they'll lend you.

For first home buyers, there are several low deposit options available:

• First Home Loan Deposit Scheme - allows eligible buyers to purchase with just a 5% deposit without paying Lenders Mortgage Insurance (LMI)
• Regional First Home Buyer Guarantee - similar benefits for properties in regional areas
• Standard low deposit loans - typically requiring a 10% deposit plus LMI
• Gift deposit options - where family members can contribute to your deposit

Don't forget to factor in first home buyer stamp duty concessions and first home owner grants (FHOG) when calculating your first home buyer budget. These can save you thousands of dollars.

Your First Home Buyer Checklist for Property Inspections

When you're inspecting properties around Padbury, bring a checklist with you. Here's what should be on it:

Structural Elements:

1. Check walls and ceilings for cracks (small hairline cracks are usually fine, but large ones could indicate structural issues)
2. Look at the condition of the roof from the outside
3. Inspect the foundations if you can see them
4. Test windows and doors - do they open and close properly?
5. Check for signs of water damage or dampness

Practical Considerations:

• Water pressure in taps and showers
• Electrical outlets - are there enough?
• Natural light throughout the day
• Storage space in bedrooms and kitchen
• Condition of flooring throughout

What to Ask During Your Inspection

Don't be shy about asking questions. The real estate agent is there to help, and you need information to make an informed decision. Here are some important questions:

• When was the property built?
• Have there been any major renovations or repairs?
• What are the average utility costs?
• Are there any known issues with the property?
• What's included in the sale (fixtures, fittings, appliances)?
• Why is the current owner selling?

If you're looking at properties in surrounding areas like Hillarys or Ocean Reef, you might also want to ask about local amenities, transport links, and neighbourhood characteristics.

Don't Skip the Building and Pest Inspection

Once you've found a property you love, it's worth spending around $400-600 on a professional building and pest inspection. This isn't an area where you want to take shortcuts. These professionals can identify issues that you might miss, like:

• Termite damage
• Structural problems
• Plumbing or electrical faults
• Asbestos (in older properties)
• Roof defects

If the inspection reveals issues, you can use this information to renegotiate the price or ask the seller to fix problems before settlement.

Understanding Your Home Loan Options

While you're house hunting, it's also worth thinking about the type of home loan that will work for you. The main decision is usually between a fixed interest rate and a variable interest rate.

A fixed interest rate locks in your rate for a set period (usually 1-5 years), which means your repayments won't change during that time. This can help with budgeting when you're getting used to homeownership.

A variable interest rate can go up or down, which means you might benefit from interest rate discounts when rates fall, but you'll also pay more when they rise. Variable loans often come with features like an offset account or redraw facility, which can help you pay off your loan faster.

Some first home buyers split their loan between fixed and variable to get the benefits of both. At Shoreside Finance, we can help you work through these home loan options to find what suits your situation.

Timing Your Inspection

Here's something many first home buyers don't think about - when you inspect the property matters. Try to visit at different times:

• Morning and afternoon to see natural light patterns
• Weekdays to check traffic noise and neighbourhood activity
• After rain to identify any drainage or water issues
• Evening to see street lighting and parking availability

If possible, walk or drive around the neighbourhood at various times to get a feel for the area.

Red Flags to Watch Out For

Some warning signs should make you think twice or at least investigate further:

• Strong odours that might indicate mould or pet issues
• Fresh paint over everything (could be hiding problems)
• Uneven or sloping floors
• Evidence of quick cosmetic fixes
• Neighbours with properties in poor condition
• Proximity to power lines or busy roads

These aren't necessarily deal-breakers, but they're worth considering when making your decision.

Making Your Decision

After you've inspected a property and gathered all the information, take time to think it through. Don't let anyone pressure you into making a rushed decision. Consider:

• Does it fit your budget including loan repayments and ongoing costs?
• Is it in a location that works for your lifestyle and work?
• Can you see yourself living there for at least 5 years?
• Are there any major expenses coming up (repairs, renovations)?

Remember, you can also take advantage of schemes like the First Home Super Saver Scheme to boost your deposit savings.

At Shoreside Finance, we're here to support Padbury residents throughout your first home buying journey. From helping you understand your first home buyer eligibility and securing pre-approval to finding the right home loan with the right interest rate, we'll be with you every step of the way.

Call one of our team or book an appointment at a time that works for you. We'd love to help you move from renting to owning your first home.