Finding Your Home

Now that you know how much you can borrow, it's time to figure out what you're looking for in a home.

It's important to have a think about what you want, what you need, and what you're willing to compromise on before you start house hunting. It might be that you need a house that has three bedrooms, or that you want to live within a certain area. Maybe you're happy with a home that's a little more dated as long as it has a strong foundation - did someone say home reno?!

If you're buying a home with someone else it's important that you have this discussion together to make sure that you're both on the same page.

It's also important to be realistic about what you can afford - while a home cinema and a backyard pool would be awesome it might be just a little out of your price range as a first home buyer (maybe someday though!).

Once you've figured out what you are looking for you can then start to look at homes!

These days there are plenty of places that homes are listed, from websites, to your local paper and outside of real estate agent's offices.

It's important to remember that when you're first starting to look at homes the more you search the more of an idea you'll get of what you are looking for.

The great thing about using online sites is that you can usually customise your search to filter the homes that fit your criteria, with many sites giving you the option to search by price, location, number of bedrooms and other handy filters. These sites usually also tell you how long the property has been listed, which can be good to know in a fast-paced market.

Make sure you check out a range of sites and sources to ensure you're getting a full view of all the houses on the market. You don't want to miss your dream house!

Real Estate Agents are a great resource when looking for a home - after all, they know the process inside and out!

Whether you're chatting to them at an open home or want to approach some directly to see if they have something that might suit you, they're usually happy to help first home buyers through the process of buying a home.

To help answer some of the most common questions first home buyers have for Real Estate Agents (and make this step even easier!) we spoke to a Real Estate Agent about the things first home buyers should know when house hunting here.

Once you've started to find properties that you're interested in it's time to start visiting open homes!

When going to open homes it's important to take anyone that is involved in the decision-making process, like a partner or spouse, so you can both view the property. You might also consider taking along friends or family members that have previously bought a home, as they'll be able to offer extra support and advice.

Take the time to view the property thoroughly, and take a checklist of things to look for, like the one we've put together here.

If you're unsure of the answer to any of these, or to your own questions, ask the Real Estate Agent - they should know the property details, and if not should be able to find out. You should also ask your Real Estate Agent if there is anything you need to be aware of with the property, or if there is any information they have to disclose. Don't be shy, they're there to answer your questions!

Once you've visited a few open homes you'll start to get a better idea of what you're looking for and should become more comfortable with checking out properties.

Once you've found your dream first home it's time to make an offer. So where do you start?

To make sure making an offer is as stress free for you as possible we spoke to the experts to get their advice on the right approach here.

Is the home you have your eye on up for auction instead? Never fear, we asked a real estate agent to explain the different types of house sales here.

We also have a helpful hint from some recent first home buyers: make sure you have a lawyer sorted before you make an offer, because you'll be asked for their name and contact details!

Once you've made an offer the seller may either accept it, decline it, or make a counter-offer. If they make a counter-offer you can choose to negotiate with them on the selling price. And if they accept? Yay! You're now on the home stretch!

If your offer is accepted you'll then be required to sign a Sale and Purchase Agreement, which covers things like the dates, selling price, and conditions of sale. You may want to talk to your solicitor to gain legal advice before signing any documents. It's important to check whether the Sale and Purchase Agreement has a cash clause, because this means that a cash buyer can make an offer on the home during your conditional period. If you have any questions or concerns make sure you ask your Real Estate Agent - they're there to help.