Buying a first home is a monumental step, and as a parent, you want to support your child through this process. From financial assistance to emotional encouragement, your involvement can make a world of difference.
Why Newcastle is a great choice
Newcastle offers a strong property market, with excellent long-term investment potential. The growing economy, great transport links, and family-friendly community make it an ideal location for first-time homebuyers. Property prices are competitive compared to major cities, offering an affordable balance of lifestyle and investment opportunities.
How parents can help
- Financial assistance: Parental support often plays a key role in securing a first home. Whether through a gift, family loan, or co-investment, helping with a deposit can ease the financial strain and make your child feel more confident in their purchase.
- Emotional support: Buying a first home can be stressful, and your child may experience moments of doubt. Offering encouragement and emotional stability can help them stay focused and positive throughout the process.
- Guiding decisions: While your child will ultimately make the final decision, your advice can be invaluable. Encourage their independence while being an active sounding board for any questions they may have. Working with a trusted property agent can also provide expert guidance.
Buying off the plan: Tips for first-time buyers
Buying off the plan offers unique opportunities, but it also has challenges. Here’s what to keep in mind:
- Do your research: When buying off the plan, research the developer thoroughly. Check their previous projects, ask about their track record, and read reviews from other buyers.
- Understand the risks: You won’t see the finished property until construction is complete, so review the plans carefully. Market conditions can change before the property is ready, so be prepared for potential value fluctuations.
- Get an independent valuation: Before signing, get an independent valuation to ensure you’re paying a fair price based on current market conditions.
- Be clear on inclusions and finishes: Developers often offer standard packages. Clarify what’s included and if any upgrades are available. Ensure all these details are in the contract.
- Consider the long-term: Think about how the property fits into your child’s long-term plans. They’ll need to live with their decision for years to come, so it’s important to be sure the property will suit them when it’s finally ready.
Expert advice from Ryan
“When buying off the plan, it’s crucial to understand the full scope of what you’re committing to. The excitement of purchasing can sometimes overshadow the details, but it’s those details that will impact your child’s future happiness in the home.” – Ryan Houston, Presence Real Estate
Ryan also recommends focusing on properties near key amenities like education, infrastructure, and retail. “These areas drive population growth, which directly affects supply and demand. Investing in locations with these key drivers is essential for making a sound investment.” – Ryan Houston, Presence Real Estate
Government grants and schemes
First-time buyers in New South Wales have access to various grants and schemes that can make homeownership more attainable.
- First Home Owner Grant (FHOG): This grant offers financial assistance to eligible first-time buyers and can help ease the financial burden, especially in Newcastle’s competitive market.
- Stamp duty exemptions: First-time buyers may qualify for stamp duty exemptions or reductions, which can significantly impact their budget. Encourage your child to work with a professional to make sure they get all available benefits.
- Seek legal advice: It’s important to consult with a legal expert when navigating these grants and schemes to ensure everything is in order.
Set your child up for success at the first home buyer event
Our First Home Buyer Event, happening on 27 March 2025, is designed to help both parents and children navigate the home-buying process with confidence.
- Why attend? The event offers expert insights into securing financing, navigating the property market, and understanding available grants and schemes.
- What to expect: You’ll meet industry professionals, including financial advisors, legal experts, and property agents. They’ll walk you through every step of the home-buying process, helping you make informed decisions.
Whether you’re just starting or nearing the final stages, this event is an essential resource for setting your child up for success in their homeownership journey.
For more information, go to: https://presence.realestate/events
