If your remotely thinking about your first home, then seriously there is no better to make the move. With Perth’s property market at it’s lowest point and interest rates at record lows your in the best position to achieve that dream of home ownership.
Here’s my top 5 tips to help you get started!
1. Reassess everything but in a Sensible manner
Slight adjustments to your current lifestyle can help spend up the savings without turning you in a hermit. You need to still be able to enjoy life while saving for your deposit otherwise you simply won’t enjoy the journey.
Subtle changes like giving up the morning coffee, really can add up and turn into a regular savings pattern. It’s important to be realistic with the savings amount because living on two minute noodles for 3 months really wont work. Assess the lifestyle you want compared to the WHAT you really need and make a short list of few items that could be cut to provide more savings….. maybe the unused gym membership is an option.
2. Unrealistic Expectations
In a market where the buyers have so much choice it can be challenging to keep an eye on the prize and managing your affordability. Don’t fall for unrealistic expectations – just because your living with your parents in a 5 bedroom family home on the beachfront, doesn’t mean you should start there. This is the beginning for you and you need to make small dents into the property market, so instead of focusing on the trimmings make a list of features you can’t live without .
When building a new home, firstly choose a location that suits your budget and needs not so much a location that you’ve dreamed about….. time will come for that. Also don’t think about having something with all the bells & whistles but simply something that will cater to your needs and this current time and will allow you to commence the ownership journey. The pool, scullery and decked out theatre room can wait for the next chapter.
If your buying second hand property be sensible with your expectations, it’s a second hand home so it’s not going to tick all of the boxes in your I WANTS but at least it does open the door to the property market for you.
3. Considered the Future
As with everything your currently going through a lot of thought and consideration meeds to be put in place to ensure your making the right decisions as your enter this new journey of home ownership. You need to be realistic and savvy about the location and you want to be able to capitalize on the long term growth of the area so as to leverage into your future investments.
Take a step back adjust your thoughts and keep that budget firmly in mind, the perfect property in the perfect location with all the bells & whistles might not be your first home, but with the right actions taken now your moving in the right direction to achieve that.
Currently we have a $10,000 grant on offer in Western Australia that applies to new buildings which is aimed at stimulating the new housing market. This is a great way to get into the market if you need the boost of the grant, however another alternative could be to buy a second hand home in possibly a better location where the price difference would be little to none.
If you don’t want to go through the motion of building you also have the option to purchase newly built, units, apartments, homes where everything has been already done for you and you can simply move in. As long as the property hasn’t been lived in you can claim your FHOG.
5. STOP waiting for the RIGHT time.
The sooner you purchase your property the longer you own it, which in turn will provide you a opportunity in the future to help you grow your realestate portfolio sooner.
Waiting for the property market to hit the bottom before purchasing is an impossible act to achieve and most likely you won’t even realise it’s already on the rise before you come in and purchase.
If I can leave you with any advise right now is if your ready to buy – as in have your deposit sorted and everything in place then do it now….. I assure you, you might not be able to see it but we know the market is already moving beneath you.