If you've managed to buy your first home, the first year afterwards can be scary - but also better than great.

So, for those still hoping to buy soon, here are the great expectations to anticipate in the 12 months of new home ownership.

The scary things

1. Long-term responsibility

Singletons with no kids will find it particularly difficult to acclimatise themselves to this point.

Far from free of any major responsibilities - apart from your career and your dog or cat - a mortgage is the long-term real deal when it comes to financial and other responsibilities.

2. Financial adjustments

Unless they're a millionaire who has bought a 200% perfect home, first-time home buyers (FHBs) will need to modify and adjust their finances.

Of course, you should have already allowed for such adjustments before buying.

Plus mortgage repayments may replace, or be similar to, what you formally paid in rent.

But again, the real deal of paying council rates, water, and possibly body corp levies, to say nothing of mortgage repayments, can be a shock to the system - and budget.

Body corp levies alone can cost more than twice the price of rates and water and if you've taken out a variable home loan, rather than a fixed one, mortgage repayments can also change quickly even though cash rate rises are enjoying a respite - for now.

3. Maintenance obligations

An emergency or just plain obvious maintenance problem in your new home will have you wishing you'd remained a renter.

Unfortunately, you can no longer simply call your property manager for assistance with, and payment of, such issues.

Yes, it's now up to you - and your hip pocket - to fix such issues, both emergency ones and regular maintenance responsibilities such as cleaning the gutters.

It's also a good idea to learn how to fix basic problems yourself and have a box of basic tools and equipment on hand to do so.

The good things...

1. Your own home

If you're feeling depressed at the extra money you'll need to pay for rates, maintenance and more, the good news is that .... you own a home.

Well, technically your lender owns most of it, but at least the money you put into it is not going towards your landlord's property.

In other words (and after you've paid or put aside money for the above must-have issues) this home - and its garden - is all yours to repaint, refloor, extend, pull down and build up.

And, you don't have to check with a landlord - via a property manager - to do so.

It's your call - and we promise such renovations and rebuilds will make all the above stress, and forced savings, worthwhile. 

2. Property price increases

The fact property prices are increasing undoubtedly made life tough when you were a renter - but it's the opposite for FHBs.

Of course, there's little doubt cost-of-living pressures are still making life hard for FHBs.

A Westpac Home Ownership Report in March 2024 noted there was a 3% decrease in FHBs planning to buy a home in the next five years, with 86% admitting cost-of-living dramas were the reason for their buying delays.

But as a current FHB, the scary real estate world out there - including the rental pressures - is now working in your favour, because make no mistake: Australians are more eager than ever to buy a home.

The Westpac report found 44% of Aussies plan to participate in the property market in the next five years - a 35% increase from six months ago.

Plus, 47% of Aussies are so keen to buy a home that they'd be happy to pay Lenders Mortgage Insurance (LMI) to get into their first home sooner.

So, new FHBs can simply sit back and watch your new asset - whether 200% perfect or in need of a big renovation - increase your finances. 

3. Building equity

On this point, don't forget your new home's increasing equity, which in turn can help you purchase another home far more easily in the future, or simply enjoy far more secure finances.

As Lending Loop recently discussed, equity is essentially your home’s market value minus the balance on your mortgage.

We're here to help

Whatever your property plans are, rest assured Listing Loop can help you!

As Australia's leading marketplace for off-market, pre-market listings and more, you'll be ahead of the buyer competition before you even start the purchasing process.

So, what are you waiting for?

Get in the loop!