When it comes to buying a house, it’s generally understood that it will be one of the largest and most complicated purchases you will ever make in your lifetime. This is why it’s a good idea to take your time and educate yourself about the housing market as much as you can before signing the paperwork. If you’re thinking of buying your first home, here are some tips:

1. Sort out your finances – How much money can you really afford to spend? This doesn’t mean the maximum you can borrow, it means how much you’re willing to spend on mortgage repayments each month. Make a detailed household budget and don’t forget to factor in upfront payments like stamp duty.

2. Research the area that you want to buy into – Talk to real estate agents and mortgage brokers about average prices in the area. Look into the schools, parks, shops and amenities. You can never be too informed.

3. Carefully inspect the property – Ask any question you can think of! Check for mould, water pressure, damages, anything that may look suspicious. Have a building inspector look at the property – this can save you money in the long run.

4. Get experts to help you out – Find a good mortgage broker and a good building inspector. There are upfront costs, but it’s worth it.

5. Don’t be scared to negotiate – An extra 10 or 20 thousand dollars may not seem like much when making a massive purchase, but it can add up over the years. Be confident when negotiating!

Do you have any tips for first homebuyers? Share them in the comments!