First-home buyers: what I'd do differently

I work with a lot of first-home buyers, and the same few things come up every time — the things people wish they'd known before they started, rather than after. So here's the honest version: what I'd do if I were buying my first place in the Eastern suburbs right now.

Get your finance sorted first

This is the boring one, and it's the most important. Talk to a broker or a lender before you fall in love with anything. Know your real budget — not the number the bank's calculator gives you, but the number you're comfortable living with. Conditional pre-approval means you can move quickly when the right home turns up, and you won't waste your weekends looking at places you can't quite reach.

• Make a 'must-have' list and a 'nice-to-have' list — and be honest about which is which.
• Spend a Saturday walking a few different streets before you book a viewing. You'll learn more in an hour than in a week online.
• Ask about the title, the LIM, and any natural-hazard notes before you get emotionally invested.
• Don't fall for the cosmetic stuff — paint and carpet are cheap. Layout, sun and section are not.

The home you can afford vs the home you want

Almost every first-home buyer compromises on something. The trick is compromising on the right thing. I'd far rather buy a tired but well-located home with good bones and the right aspect than a polished one that faces south or sits on a flood-prone section. You can renovate a kitchen. You can't renovate the sun.