Can You Afford Your First Home

1. Can You Afford Your First Home?

2. Thinking About Buying Your First Home • If you’re thinking about buying your first home, there’s no better time to act. • With Perth’s property market favoring buyers and interest rates at record lows, you’re in a better position than ever to achieve your dream of home ownership.

3. Here Are Our Top Five Tips For Getting Started

4. Everything In Moderation Including, Moderation • You don’t have to sacrifice your entire lifestyle to save up for your deposit, and in fact you’re likely to be better off if you’re still enjoying yourself at least a little! • It’s important to make it a realistic amount; if you aim to save too much and try to live on two-minute noodles, you won’t stick to it. • Weigh up the lifestyle you want versus what you really need; maybe that morning coffee is a necessity, but you’re not using that gym membership anyway.

5. Manage Expectations • Even in a buyer’s market where you have your pick of properties, it can be challenging to keep an eye on what you can afford. Don’t fall into the trap of unrealistic expectations about the number of bedrooms or stunning waterfront views. • Try not to be too restrictive, and consider looking at properties that you can adapt how you like later. • It’s more important to get your foot in the real estate market door in a good location than to hold out for your dream 5 bedroom 3 bathroom house with a scullery!

6. Buy Smart For Long-Term Gain • You have a list of the most important things to you, and undoubtedly an idea of the ideal location to begin your new phase as a homeowner. • However as with your expectations of the house itself, you need to be realistic and smart about the location. • By adjusting your rose-tinted glasses and keeping your budget firmly in mind, you may find that your ideal property, in the ideal suburb, may not be your first home, but it won’t be out of reach forever.

7. Be Careful With The Fhog • At present, Western Australia’s first home owner grant only applies to new builds, aiming to stimulate new housing. • While understandable from the government’s point of view, it can deter those who are relying on it from considering lower-priced, second-hand homes in superior locations. • If accessing the FHOG is critical to your budget, one option is to buy a new apartment. You could still benefit from the FHOG, while getting into a good area, close to amenities.

8. Get In Early • We have said it before and it’s worth repeating; success in real estate comes down to time in the market, not timing the market. The sooner you purchase your property and the longer you hold it, the better it can perform as an investment. • The same goes for saving money. If you have been taught early in life about saving, and made the effort to regularly hoard a portion of your pocket money, by the time you’re in your early twenties, you should have a decent deposit. Even without that head start, the sooner you begin, the better off you’ll be.

9. Check These Out! • Property Wizards is a multi-award winning buyer's agents and property advisors. From finding the right investment property, to researching and negotiating the best price, we work for Australian property investors and homebuyers, as well as overseas and expat buyers. • We provide you with the advice and assistance you need, ensuring you make the right decision when you choose to invest in a property. We take away the stress of property buying, we save our clients money and we help make people independently wealthy. • For more info on real estate investment perth check out: https://www.propertywizards.com.au/