Buying your first home is one of the biggest milestones you’ll ever achieve. It’s exciting, empowering—and let’s be honest—a little overwhelming too. With the Melbourne market (especially in popular suburbs like Keilor, Keilor East, Essendon, Taylors Lakes, Taylors Hill, and surrounds) moving fast, preparation is everything.
If you’re ready to start your homeownership journey, here are five essential tips every first-time buyer should know:
1. Know Your Budget (and Stick to It)
Before you start falling in love with dream homes, it’s important to know what you can realistically afford.
- Speak to a mortgage broker or lender early and secure a formal pre-approval.
- Factor in additional costs like stamp duty, building inspections, legal fees, insurance, and moving costs.
- Set a firm maximum limit—and don’t let emotions push you beyond it.
Being clear on your budget will not only save you heartache but also put you in a stronger negotiating position.
2. Get Familiar with the Market
Knowledge is your best weapon when buying your first home. Spend time researching:
- Recent sales in your target suburbs (not just asking prices, but what homes are actually selling for).
- Days on market and trends—are properties selling fast or sitting longer?
- Suburb profiles—understand school zones, public transport, lifestyle amenities, and future development plans.
In areas like Taylors Hill and Keilor East, different pockets can vary significantly in price, so understanding the micro-markets is crucial.
3. Inspect with a Critical Eye
It’s easy to get swept up in beautiful styling and polished finishes, but always look deeper:
- Check for structural issues, damp, cracks, plumbing or electrical problems.
- Assess the floorplan—does it suit your lifestyle now and into the future?
- Ask about permits and history—especially for any extensions, renovations, or modifications.
It’s always worth investing in a professional building and pest inspection before you buy—saving yourself from nasty surprises later.
4. Be Auction-Ready
In Melbourne, auctions are a common selling method, particularly in areas like Essendon and Keilor. Here’s how to prepare:
- Attend a few auctions before bidding at your own.
- Understand the process—there are no cooling-off periods when you buy at auction.
- Register and set a firm limit—and stick to it.
If you’re nervous, consider engaging a professional to bid on your behalf or bring someone you trust for support.
5. Surround Yourself with the Right Support
You don’t have to do this alone. A trusted team can make your first home purchase much smoother:
- Mortgage Broker: To find the best loan for your needs.
- Conveyancer or Solicitor: To handle the legal paperwork.
- Real Estate Agent: (Like us at Main Road!) to give honest advice, help you spot value, and connect you with opportunities before they hit the market.
The right advisors can help you avoid mistakes, navigate the fine print, and negotiate with confidence.
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Buying your first home is a huge achievement—and the beginning of an exciting new chapter. With the right preparation, a clear plan, and a trusted team supporting you, you’ll be well on your way to finding (and securing) the perfect property.
If you’re a first-time buyer looking in Keilor, Keilor East, Essendon, Taylors Lakes, Taylors Hill or surrounding areas, the team at Main Road Real Estate is here to help guide you every step of the way.
Ready to take the first step?
Contact us today—and let’s find your first home together.
