First-Time Home Buyers Checklist

Buying your first home is exciting, but it also comes with a lot of decisions that can shape your finances, lifestyle, and long-term happiness.

From sorting out your budget to checking building reports, there’s plenty to think about before you sign a contract. This guide outlines a straightforward first-time home buyers checklist to help you navigate the process.

Step 1: Work Out Your Budget and Loan Options

For most people, buying a home means taking out a mortgage. A mortgage broker can guide you through the process and secure pre-approval, which shows sellers you’re a serious buyer. Pre-approval also helps you understand your borrowing capacity so you don’t overcommit.

• Tip: Always factor in stamp duty, legal fees, moving costs, and potential renovations, not just the deposit and loan repayments.

Step 2: Decide What Type of Property Fits Your Lifestyle

Think carefully about how the property will fit your life both now and in the future.

• Location: Proximity to schools, shops, public transport, and green spaces.
• Property type: Apartment, townhouse, or freestanding home.
• Land size: Bigger blocks allow room to grow but come with higher maintenance.
• Style: New builds may mean fewer immediate repairs, while older homes often have more character but may require trades for upgrades.

Step 3: Make a List of Non-Negotiables

It’s rare to find a property that ticks every box, so decide what matters most.

• Number of bedrooms and bathrooms.
• Kitchen and bathroom size and layout.
• Secure parking or garage space.
• Natural light, privacy, and outlook.
• A floor plan that suits your lifestyle (open plan vs separate rooms).

Know your priorities to avoid getting swept up by cosmetic features that don’t matter in the long run.

Step 4: Research the Market

Understanding what similar homes are selling for in your chosen area will give you confidence when making an offer.

• Compare recent sales on property websites.
• Ask your mortgage broker for a valuation report.
• Keep an eye on upcoming auctions to see how competitive the market is.

Step 5: Get Professional Inspections

Before signing anything, arrange a building and pest inspection. This step can save you from unexpected repair bills for structural issues, termites, or hidden water damage.

On ServiceSeeking, you can quickly get quotes from local inspectors and choose someone experienced to give you peace of mind.

Step 6: Understand the Buying Process

Depending on the property and seller, you might buy via private treaty or auction.

• Private treaty: You make an offer, and if accepted, the property goes under contract.
• Auction: Fast-paced, competitive, and requires confidence in your budget. Some buyers choose to hire a buyer’s agent for auctions.

Either way, a conveyancer or solicitor is essential to review contracts and guide you through legal obligations.

Step 7: Contracts, Deposits, and Finance Approval

Once your offer is accepted, contracts are exchanged. You’ll need to:

• Pay an initial deposit.
• Arrange for formal loan approval from your bank.
• Pay the balance deposit (usually 5–10% of the purchase price).

Your contract will likely include finance and inspection clauses, giving you an exit if things don’t go as planned.

Step 8: Settlement and Moving In

In the weeks leading up to settlement, your lawyer will handle searches and paperwork. You’ll also have the chance to do a pre-settlement inspection to ensure the property is in the same condition as when you agreed to buy.

Once settlement occurs, you’ll officially receive the keys to your new home.

Step 9: Think About the Future

Your first home doesn’t have to be your forever home, but it should still serve you well in the years ahead. Consider:

• How easily the property can be renovated or extended.
• Whether the land size allows for value-adding projects, such as landscaping or an extra bedroom.
• School zones and infrastructure that may impact future resale value.

Why Professional Help Matters

From inspections and conveyancing to renovations and landscaping, buying a home often involves more than just signing paperwork. Hiring experienced tradies and professionals ensures you avoid costly mistakes and move into a home that’s safe, functional, and tailored to your needs.

On ServiceSeeking.com.au, you can compare quotes from local trades and services before you commit, making it easier to find the right help at the right price.

Final Checklist for First-Time Home Buyers:

✅ Secure pre-approval with a broker
✅ Decide on property type and location
✅ List your non-negotiables
✅ Research recent sales and prices
✅ Get building and pest inspections
✅ Hire a conveyancer or solicitor
✅ Understand contracts and deposits
✅ Do a pre-settlement inspection
✅ Plan for future value and lifestyle needs