Australia’s competitive but lucrative housing market can be daunting at first glance. It’s almost always first-time home buyers who struggle to get out of the rental market and into the buyer’s market. When there’s so much to consider before buying your first home e.g. budget, loan size, location, capital growth and the quality of your new home (and lots, lots more), finding the right place to start can seem impossible. That’s why we at New Home Group are happy to give you our inspiring ideas from first home buyer experts.
1. Match your budget and savings capabilities to your first home buyers grant.
What you’re eligible to borrow from the banks and what you will receive as a first home buyer’s grant depend on what state you buy in. So if you’re hard-pressed to save your deposit, it can be used to get you over the mark and into your dream home. This depends though if you are eligible, of course. More information can be found here.
2. Buy in areas with high, or at least some, capital growth
Where you choose to buy can depend on the size of the house, location to resources and proximity to job opportunities, schools, family/friends and entertainment. These factors also control an area’s capital growth. Capital growth is how much the price of your home rises, usually year-by-year.
The ability to know the area you plan to buy in, including its future development and popularity, could have you sitting on a gold mine by the time you pay off your mortgage or plan to move.
3. Get creative with your space
The Australian dream of having a big backyard and a verandah isn’t gone forever, despite what the news tells you. But on the other hand, Australians are becoming more creative with what they choose to call a home. Large, inner-city apartments can be a great investment and a happy place to raise a child or for couples living without children.
European interior decor and design allow Australia’s ever-growing urban market to help you to utilise your space, and apartments are much easier to clean-up, an advantage many Aussies now opt for.
4. Build, renovate or buy near-new.
Build to get the grant. This, of course, depends on the state you buy in and many other things that involve extensive research and professional advice. But receiving the grant when building can assist you with the interior of your home, your backyard or any DIY later down the track.
Renovate over time and at your own budget and may qualify for first home owner’s grant, but of course, conditions always apply.
Buy near new because it’s faster and easier to move in to. Someone else has done the work for you, and you will have done much less work on it if you plan to rent it out later down the track.
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