Ever thought about buying a home but worried you’re too young?
Feel like the property market is too expensive for you to take the plunge? Are you waiting until you’re in a committed relationship before you become a homeowner? If you answered yes to even one of these questions, you might want to consider the actual cost of waiting to invest.
Admittedly, it can be daunting to think about buying your first property but, in many ways, you never have a better opportunity than when you’re young and investing in your first home. Consider the following:
Apply for a First Home Owners Grant
In Western Australia, first-time home owners are eligible for a First Home Owner Grant (FHOG). As of September 2013, the FHOG is $3,000 for an established resident but more than triple that for a new property. If you’re buying a new apartment, you can get a $10,000 grant.
Find apartments with low down payments
Psaros is working to improve affordability by letting your secure a property with a $10,000 deposit. Check out our new developments for more information on new, inner-city apartments in Perth. Knowing you’re eligible for a FHOG, your down payment is already taken care of.
Take a lodger
Nothing says you have to go it alone. Buy a two-bedroom apartment and take a lodger. Any rent you collect can go directly against your mortgage payment.
Invest in city properties
All indicators say properties in capital cities will continue to appreciate. While property values can fluctuate in the suburbs, Australian capital cities historically experience year-on-year growth.
Buy near public transport
One of the advantages to city living is the proximity to good public transport. Perth, in particular, has good train and bus services along with plenty of cycling trails and good walking pathways. Not only is it cheaper to take public transport, if you’re already living in the city you might not need to purchase a car at all.
Look for intelligent apartments
Technology in the home is advancing rapidly and often results in lower operating costs for residents. Find a builder offering intelligent home technology if you’re looking to capitalise on the maximum FHOG.
Focus on sustainability
Homes and apartments using sustainable energy will help you to reduce energy consumption and lower the overall cost of living. If you’re looking for an apartment, you can get further savings if sustainable energy is used in the common areas of the property as well.
Where to start
As you can see, getting into the property market even if you’re at the beginning of your career is actually not as difficult as you may think. By focusing on a few money conscious tips like buying inner-city, keeping close to public transport and looking for sustainability features, the idea of purchasing your own place becomes even more feasible. If you’re willing to take a lodger, you might already have everything you need to own your first home. Get started now and you’ll be much further ahead in the long run.