The kind of first home that Gen-Y’s find Pintereting
What is it going to take to buy my first place, without breaking the bank? That’s what first time home buyers in Australia are asking themselves. There are literally thousands of houses and units for sale from one side of the country to the next, maybe of which are very expensive compared to the take care income of a next entrant to the workplace.
This is a question that many people ask. In fact, some are so scared of what they will find that they never consider buying a home â€“ at least not for the time being – until prices become more affordable.
Despite the fact that there are homes in Australia that are sure to be out of your price range, there comes a time when you might want to buy your first home. Instead, set a budget along with a basic idea of what you are hoping to find. From there, narrow down your search as a means of making a confident final decision.
Before we take a closer look at some of the homes for sale in Australia â€“ primarily in the countryâ€™s capital cities â€“ letâ€™s focus on three details associated with the home buying process:
1. Your salary
Letâ€™s face it: this is the one detail that is going to be on your mind from the beginning. The amount of money that you earn is going to dictate the type of home you can afford. Along with knowing your salary right now, consider the stability of your employment. If you are worried that your job may not last much longer, it could be best to hold off on a purchase for the time being.
2. Home Loan Availability
Wouldnâ€™t it be nice to have enough cash in the bank to pay for a home in full? With this, you would never have to worry about the loan process or concern yourself with making a monthly payment. Most people donâ€™t find themselves in this position. Instead, they need a home loan to buy real estate. Despite an economy that has been struggling, first time home buyers can still qualify for a home loan.
Tip: compare interest rates and other pertinent details from more than one back. This will help you target the perfect loan and lender.
3. Cost of Living
It is one thing for the bank to approve you for a loan. It is another thing entirely to know that you can make your monthly payment while keeping up with other costs of living. Will you be able to afford the utilities, maintenance, and repairs that go along with owning a home? If so, will you still be able to enjoy the rest of your life as you have come accustomed?
Now that you have a better idea of what you should be considering as a new property buyer in Australia, it is time to take a look at five potential places to consider chosen from a casual stroll through property site Domain:
412/212 Victoria Street, Carlton for $310,000
Need to live in Melbourne’s urban center? If so, this new residential development is right up your alley. It may not be a single family home, but you will definitely fall in love with the amenities.
38 College St, Darlinghurst for $255,000
Do you want to live in the city? Donâ€™t need a lot of space in your first place? This studio apartment is an excellent choice. It has view of the city as well as Hyde Park. Along with this, there are plenty of features, including a pool, to fall in sweeten the pain of buying.
43/26 Stanley Street, Mount Lawley for $299,000
A slightly prison-like building for first time buyers, this home is on the river and features many amenities you will come to love. From the one bedroom to the spacious laundry/bathroom, this is the right blend of location and amenities for first time buyers.
128 Charlotte Street, Brisbane for $408,000
Breaking onto the Brisbane property ladder is not something that will come cheap. However, once you live here you will never go back. This apartment is situated in the luxurious Charlotte Towers, one of the top locations in the city. With city views and plenty of amenities, it has everything a first time buyer could ever want.
22 Corryton Street, Adelaide for $390,000
Is single family living your thing? This place definitely needs some work, but it will be all yours once the project is complete. The location is what makes this home a must have for a first time buyer; just a few steps away from restaurants, cafes, and so much more.
As you can see, getting onto Australiaâ€™s property ladder can be very expensive. But remember, you get what you pay for, which isn’t much. But when you buy a home, it is yours to do with as you please. Along with this, you are hopefully building equity with each passing year.
It’s a tall order, but With a steady job and a solid down payment, small personal debts going into it, low expectations, a game plan and the patience to search for the perfect property, you will find yourself joining millions of other homeowners in Australia.