Open home weekend? Look past the pretty kitchen

Weekend open homes can be easy to fall for.

Great natural light.

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A new kitchen.

A sunny balcony.

A cafe around the corner.

And suddenly your brain starts playing:

"I could live here."

But in the current Australian property market, buyers are a little more cautious than before. Softer auction clearance rates can give buyers more time to compare, think, and prepare.

That is a good thing, as long as you are not inspecting with emotion only.

Before this weekend's open inspections, remember these 4 things:

1. Liking a home is not the same as affording it.

A beautiful home still needs to fit your borrowing power. Lenders look at income, expenses, debts, and repayment ability.

2. Do not only check the price. Check the monthly repayment.

A small price difference can feel very different when it becomes a monthly repayment, especially while rates are still relatively high.

3. Check the floor plan, but also your future lifestyle.

Commute, transport, family plans, job changes, pets, and daily routines all matter.

4. Know your limit before making an offer.

A softer market does not mean every home can be heavily discounted. But when you know your limit, you can negotiate with a clearer head.

A good first-home buying rhythm is:

Check borrowing power.

Review FHOG or first-home buyer eligibility.

Calculate monthly repayment.

Then choose the home.

Homes can be inspected slowly.

Your financial limit should be clear first.

If you are going to an open inspection this weekend, ask yourself:

Does this home truly fit me, or does it just look beautiful today?

Knowledge Corner:

Open Inspection = A scheduled public home viewing, usually hosted by a real estate agent on the weekend.

Borrowing Power = The amount a lender may be willing to lend after assessing income, expenses, debts, and repayment ability.

Repayment = Your regular loan payment, usually including principal and interest.

*General information only. This is not financial advice. Loan options and eligibility depend on your personal income, liabilities, assets and lender assessment criteria.