Sometimes what you want or ‘dream of’ can be a little further off when it comes to actually realising your dream than you first thought. If you’re looking to get into the property market for the first time, you may have to consider a low cost, low fuss first choice, rather than all the ‘bells and whistles’ of your ‘dream’ home.
It’s a good idea to make a list of all the things you actually ‘need’ right now in a home in order to get a better idea of what you’re really looking for and actually need in your first home.
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Do you really need that many rooms?
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Starting small might be the way to go. Buying a unit, apartment or town house, and not a 4 bedroom house, may enable you to spend a bit less now and sell for more later – when the time is right for you, your lifestyle and finances.
If having children is also part of your plans for the future, then a smaller, more cost effective first home may give you the opportunity to save for your future and for ‘the little ones’.
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Location! Location! Location!
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Buying in a less established area may not be your idea of paradise right now, but it can provide you with greater financial opportunities in the future. Buying in an area that has yet to experience significant ‘real estate growth’ can help you get your first foothold in the property market. If in the event that your suburb later increases in value, you may then be able to sell at a higher price (ie make money on your purchase) when the area is more established and more sought after.
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