Stop renting today. Well, maybe not literally today, but if you follow these eight steps, you’ll be out of the rent trap and buying your first home in Perth before you know it.

Be honest about the type of property you can afford

While you may dream of having a 4 x 2 with ocean views in an established suburb, how realistic is that dream? Before you start looking at new homes or even new home builders in Perth, make sure you know how much you can afford. Use our loan calculator to see how much you can borrow.

Your home loan repayments combined with homeownership’s associated costs may impact your monthly budget more than rental payments. So, plan your budget and remember, there may be several other upfront costs to cover, including stamp duty, when purchasing a property. Make sure you factor those in. Once your budget is ready, apply for pre-approval, so you can look at the available house and land packages and new home designs.

Research, research, research

Do you know the area? Take your time to learn as much as you can about your ideal suburbs and examine prices and sales history in the local area. CoreLogic, Realestate.com.au, and Domain are great resources. Look at the local amenities, schools, and public transport options.

Find a respected new home builder in Perth

This one is easy – you found us! We put our customers first, making sure the home you build with us is your forever home. Ask plenty of questions, find out what is included in the build and what extras you will need to cover. Landscaping is often an afterthought, so be sure you have a clear idea of every single thing your house and land package includes.

Use your head, not your heart

While it is romantic to let your heart guide your decisions, don’t let your heart rule when purchasing your first home. Don’t be afraid to walk away if the deal isn’t right, as there’ll be other blocks of land. This is a financial transaction you are committing to for the next thirty years.

Consult a mortgage broker

A mortgage broker can be the difference between building a new home in Perth and you renting for the next 5 years. They will look around a find the best possible mortgage for you and advise you regarding any concessions, grants, or bonuses you might be eligible for.

Be prepared to wait – it can take longer than you think

While we’d like to say buying a new home can happen overnight, unless you have pre-approval and all your documentation in order, that rarely happens. We know that the New Home Company in Perth can help you every step of the way.