How to Buy an Apartment as a 1st Home Buyer

Buying your first home is a major milestone, and for many Australians, an apartment is the most realistic and affordable entry into the property market. Whether it is for lifestyle, location or budget reasons, apartments offer a practical solution for first home buyers.

But the process can feel overwhelming. From understanding government grants to dealing with strata fees, it is important to do your homework before signing a contract.

Start with a Budget

Before you even begin looking at apartments, it is important to know how much you can afford. That means talking to a mortgage broker or lender and getting a clear idea of your borrowing capacity.

You will also need to budget for extra costs like stamp duty, legal fees, inspections and moving expenses. These can add up quickly and catch first timers off guard if not planned for early on.

Fortunately, some state governments offer financial support for new buyers. In New South Wales, eligible purchasers may benefit from grants or concessions. You can see Kaleido's resource here to explore what assistance might apply to you.

Research Apartments Carefully

Not all apartments are created equal. Consider the age of the building, the size of the unit, access to natural light and the reputation of the developer. Location matters too. Think about future resale potential as well as lifestyle.

It is also essential to look into strata fees and what they include. These ongoing costs can vary significantly between buildings and may affect your long term budget.

Do not be afraid to ask questions during inspections. Check for water damage, ventilation, storage space and soundproofing. A professional building and pest inspection is a smart investment before you commit.

Secure the Right Loan

Home loans for apartments can sometimes be more complex than for houses, especially if the unit is very small or in a high rise. Lenders may have different criteria, so it helps to work with someone who understands apartment lending.

A pre approval will give you confidence when making offers and show sellers that you are serious.

• Name: Kaleido Loans
• Address: Level 4/18 Flour Ml Wy, Summer Hill NSW 2130
• Phone: 1300 275 358
• Website: https://kaleido.com.au