Buying Your First Home: Is now the right time to buy?

If you are currently renting but considering purchasing your first home, now is a good time. During the past year there have been a number of homes which have remained on the market and have been reduced in price because of the lack of sales. Recently interest rates on mortgages have headed downwards. The lack of sales in the market has meant the vendors have become more realistic and homes more affordable. A proportion of these homes are in the 1^st home buyer market. It’s a good time to reap the benefit and the market can change at any time.

When thinking of purchasing a first home, there are many things to take into consideration. To keep your costs down, you may consider looking at do-ups. Are you a handyman? Can you make some attractive but low cost improvements on a home that needs a little work? Maybe it’s as simple as some fresh paint and carpet. Maybe it’s a new sink top to spruce up that tired kitchen. Kitchen improvements don’t have to cost thousands and much can be done on a shoestring budget.

Units and townhouses are another option for first time homebuyers to consider. This is an excellent way to enter the property market. For about the same cost as rental each month, you can have pride of ownership while building equity at the same time. After a year or two, you may feel you need more space or perhaps need another bedroom. By this time your unit or townhouse will most likely have appreciated in value, and you will have built up some equity, making it easier to trade up to a larger home. This is a smart transition and a way to step up slowly rather than committing a huge portion of your income to mortgage payments by buying an expensive home first up.

The changing market this past year, where supply has outstripped demand, has provided a plethora of great homes to choose from. With interest rates lower than they have been for some time this could be the ideal time for first home buyers to get a foot on the property ladder.

We can provide a FREE report if you are thinking about purchasing a home of your own for the first time.  The report outlines the critical consideration to have in mind when looking for a home.

Please contact us if you have any questions about buying your home: 

Select the specific report required below and complete the form provided.

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