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Break into the Property Market

22 Sep 2014 Yarra Junction 0 Comment

Saving up for a home loan can be challenging, especially when you consider the rising cost of real estate. But if you look a little harder, there are still plenty of affordable properties available and many first home buyers may be able to enter the property market sooner than they think if they look outside the box a little.

Look at cheaper suburbs: Many first homebuyers want to buy in neighbourhoods that are close to town centres or their favourite cafe hub, but unfortunately these suburbs are usually more expensive. Consider looking at suburbs a little further afield and maybe down the track you will have enough equity to be able to afford to buy in your “dream” suburb.

Find a fixer-upper: If you absolutely dont want to compromise on your favourite suburb, then another affordable option is to find a property that is ripe for renovation. Be mindful if you go down the renovation road you dont want to overcapitalise. Add up how much renovations will cost you and add this to the sale price to figure out if you are getting a bargain or not.

Don’t go it alone: If you want to get into the property market right away but dont have the funds yet then you could invest in a property with your partner or friends to help reduce your outlay. Just make sure that you seek legal advice before buying with another party, and ensure that they are financially stable.

There are always plenty of great property bargains out there, but you need to start looking for them or you wont be there at the right time to snatch them up.

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