If you are buying your first home, you could hardly ask for a better location than Port Douglas and the Douglas Shire. The Port Douglas real estate market is primed for first-time home buyers to establish themselves as homeowners – whether you want to live here, lease out an investment property, or buy a holiday house.
At Property Shop Port Douglas & Mossman, we know what it takes to buy your first home in this beautiful part of the country. If you are considering buying a house in Port Douglas, here is a list of do’s and don’ts that you should consider during your purchasing journey. Follow these tips, and you will be well-positioned to buy your first dream home in the stunning region of the Douglas Shire.
Do: Get a Pre-Approval
Landing a pre-approval from a lender is an important card to have in your deck when it comes time to buy a house. You don’t want to find yourself in the uncomfortable position of putting down a deposit or signing a sales contract before you have the security of a pre-approved loan to back up your financial responsibilities.
Don’t: Wait Forever for Your Dream Home
While there are always amazing homes for sale in Port Douglas and its surrounding region, don’t fall into the trap of waiting forever for your dream home to come to market. While you should obviously take your time carefully considering the pros and cons of each property before you decide to purchase, if your selection criteria is too narrow, you run the risk of never making a move when you are in a position to buy.
Be patient and take your time to decide, but if you wait forever for that “dream” home, you may discover that such a property doesn’t exist in the first place.
Do: Match Your Property to Your Budget
There is no shortage of gorgeous properties for sale in Port Douglas, so it can quickly become tempting to put down a deposit on a home that is too expensive for your budget. This property will be the first home you buy, and your lender has given you a set budget based on your ability to repay them, so don’t get swept up in the allure of a high-end Port Douglas property that you won’t realistically be able to pay off.
Don’t: Think You Have to Pay a 20% Deposit
Many first-time home buyers think that they have to pay the 20% deposit on their home. Depending on the property you are buying, that is a lot of money to pay upfront, but it doesn’t necessarily have to be this way.
You may be eligible to pay a deposit between 8-10%. This is beneficial to buyers who can’t overcome the 20% deposit, although keep in mind that you will have to pay Lenders Mortgage Insurance (LMI). LMI is a one-off payment to the bank that covers you in this reduced borrowing arrangement.
Do: Buy From an Experience Port Douglas Real Estate Agency
When buying your first home in this region, you want to buy from experienced local Port Douglas real estate agents. At Property Shop Port Douglas & Mossman, we are responsible for the sale of a range of properties throughout this region. If you choose to buy one of our listings, you can have the peace of mind that you will be buying from trusted professionals who keep your interests in mind throughout the entire process.
Buy Your First Home with Property Shop
Property Shop Port Douglas & Mossman provides quality real estate services for our clients throughout this slice of paradise. If you are considering buying your first home in this area, then be sure to take a look at our listings to see if any property catches your eye. If you have any questions, contact our friendly team today on 07 4099 5355.