Finding Your Dream Home in Cairns: Tips for First-Time Home Buyers
Located in Far North Queensland, Cairns is a beautiful and rapidly growing Australian city. In fact, experts predict that two-thirds of the tropical north Queensland region’s population growth will occur in Cairns, specifically.
Not only does Cairns provide gorgeous tropical weather and easy access to a variety of outdoor activities, but it also offers a diverse range of property options for first-time home buyers.
If you’re interested in buying a house in Cairns, Champions in Real Estate is here to help. Our team of agents has years of experience in the real estate industry and an in-depth understanding of the local property market.
In this blog, you’ll discover some of the unique challenges first-time home buyers face, tips to navigate the local Cairns property market, and what Champions in Real Estate, specifically, can do for you.
Challenges Faced by First-Time Home Buyers
As a first-time home buyer searching for property in the Cairns area, you face some obstacles and disadvantages that others don’t. Here are some of the most noteworthy ones you might run into:
● Lack of real estate knowledge: If you’ve never shopped for a house before, you might not know the ins and outs of the home-buying process. You also might not understand frequently used terms like mortgage, lender’s mortgage insurance, settlement, title, etc.
● Lack of area knowledge: A lack of area knowledge could make it harder for you to find the right neighbourhood, find a property close to particular amenities, etc.
● Lots of competition: Because the Cairns area is growing so quickly, there’s a lot of competition among buyers for properties here.
● Unrealistic expectations: Some first-time homebuyers expect the process to go smoothly from start to finish. In reality, you’ll likely run into some hiccups along the way to getting your home.
● Financial limitations: Depending on your current income and how much money you have saved, you might have a more difficult time purchasing properties in the Cairns area that fit your budget.
Don't give up hope if any of these issues sound familiar to you! With a skilled real estate agent on your side, you can overcome them and find your dream home in Cairns.
Tips for Navigating the Local Property Market
Partnering with an experienced real estate agent will help you overcome the hurdles of first-time home-buying in Cairns and ensure you find a great property that works with your needs and budget. Here are some specific tips for navigating the local property market in Cairns:
Research the Market
The first step to navigating the real estate market is doing your own research.
You can learn a lot about an area by looking it up online. For example, you can discover factors like the average housing price, the most and least popular neighbourhoods, and the types of properties that are most likely to be in your budget (apartments, townhomes, single-family homes, etc.).
Some of our favorite suburbs to consider are the scenic beach towns of Trinity Beach and Kewarra Beach, the bustling urban areas of Cairns City and Edge Hill, and the quiet yet charming neighborhoods of Mooroobool and Woree. Don't forget to check out Manoora, Bayview Heights, and Edmonton too, as they have unique features and amenities that may suit your preferences.
Get Pre-Approved for a Mortgage
Speaking of budget, you should also find out how much you can afford to spend on your first home. The easiest way to do this is to get pre-approved for a mortgage loan.
Pre-approval is based on factors like your income, debt-to-income ratio, employment history, the amount of money you have access to for a deposit, etc.
Being pre-approved can give you an advantage over other buyers since the seller knows you qualify for a specific loan amount, meaning the chances of the sale going through are greater.
Consider Additional Costs
Once you know the amount for which you’ve been pre-approved, you can start figuring out your specific budget.
Remember, the cost of owning a home includes more than the listing price of the property. You also need to consider your interest rate, the term of your loan (e.g., 30 years), and additional costs like the lender’s mortgage interest (or LMI).
Make Sure You Have Easy Access to Your Deposit
Having easy access to your deposit will also give you a leg up over other buyers. If you have 20 per cent of the home price in your bank account and can quickly write a cheque for that amount, you’ll be less likely to run into issues when you get closer to the settlement date.
Be Flexible and Realistic
Setting realistic expectations will help you avoid missing out on properties that meet most of your requirements because you’re busy searching for one that meets all of them. Being flexible will also help you find properties that might not have been on your radar otherwise.
Seek Advice from Professionals
Remember that you don’t have to go through the home-buying process alone.
There are tons of real estate agents — especially our team at Champions in Real Estate — who are experienced and eager to help you find your ideal property. Reach out for assistance early, and remember that there is no such thing as a stupid question.
Champions in Real Estate’s Services
The Champions in Real Estate team has years of experience working with homebuyers in Cairns and the surrounding area — including many first-time home buyers.
We’re familiar with the unique challenges you face, and we have the skills to help you overcome them and find your first property. We’ll guide you every step of the way to ensure you understand the real estate market and home-buying process and feel confident about your decision.
Here at Champions in Real Estate, we also also offer a variety of online tools to help you determine how much you can afford to borrow, figure out how to create a budget, and even calculate the number of boxes you need to move!
Find Your Dream Home in Cairns Today
Being a first-time home buyer can be exciting, frustrating, fun, and a little overwhelming — all at once.
Keep the tips and tricks discussed above in mind, and you’ll be well on your way to finding an incredible home in Cairns.
If you’re a first-time home buyer, contact Champions in Real Estate today for a consultation or to learn more about our services. Check out our blog for additional tips and information, too.
