Choosing What and Where to Buy

We've said it before, and we'll say it again — your first home is very rarely your dream home. Most of the time, it's an affordable first step to get onto the property ladder. That's why it's important to determine your "wants" and "needs" in your first home. Let's explore some of the questions you should be asking yourself when you start your property search.

Bedrooms and Bathrooms

How many bedrooms and bathrooms do you really need? If you're planning to buy alone, you probably don't need a massive three-bedroom house. You might want it, sure, but is it within your first-home budget? On the other hand, if you're buying with friends or have children, those three bedrooms may become a need rather than a want.
Now, let's talk about bathrooms. You can often save thousands by opting for a one-bathroom home with an extra guest toilet, instead of two full bathrooms. The only difference is that your guest toilet won’t include a shower. Do you really need two showers if you're living as a couple or alone? Alternatively, you might not even need the additional guest toilet. It can be useful if you have frequent guests, particularly if they have mobility issues and can't manage stairs. However, if this doesn’t apply to you, skipping the extra bathroom can save you a significant amount of money.

Carparks + Garages

If you're a car owner, having an allocated carpark can be a big help, and luckily, most townhouse listings offer this. Street parking is another option that can save you tens of thousands depending on your location and budget. If you don’t own a car and prefer public transport, focus on townhouses with good access to train or bus stations instead of paying extra for a carpark you may never use.
Garages often increase the price of a property by at least $40,000. Consider whether you really need a garage if your car is only worth $7,000. An uncovered parking space could be a more affordable option.

Location

When considering the location of your first home, think about your needs. If you have children, what are the school zones like? Do you rely on public transport, and is there easy access to it, such as a nearby train or bus station? What about commuting to work — how long is the drive, and are there good motorway access routes? If you have a dog, nearby parks and walkways might be a priority. And if you want to live in a specific suburb but it's out of your price range, have you considered looking 5-10 minutes away in a surrounding, more affordable suburb?
There’s no point owning a home if you can't keep up with the mortgage repayments. Sometimes, dropping an extra bedroom or bathroom can get you into a better location. It’s all about finding a comfortable balance between what you need and what you can afford. Since your first home is unlikely to be your dream home, think of it as both a place to live and an investment. Chat to the SM Property team today to help you narrow down your wants and needs, and find the right home for you. We also have plenty of helpful content for first-home buyers on our Instagram.