Many people often feel that if they wait, they may find a bargain. Bargains come and go. First home buyers are very new to the property market and often nervous. It’s important to get advice, but be careful. Don’t listen to too many people, particularly if they haven’t been overly successful in real estate or perhaps not qualified to provide advice. Buying property can be an overwhelmingly emotional experience. Just remember, that your first property will not be your retirement home, so buy with some common sense. Sourcing an Apartment with a ground courtyard or a Townhouse with an open floor plan can provide a great lifestyle while being located closer to work or the city.
Our advice to first home buyers is to buy now. The property market will always go up over time. I often see many prospective buyers often find their own circumstances change more often than a price reduction in a particular property.
There are two (2) great reasons why it’s the best time to buy:
- Stamp duty changes are a high incentive to improve affordability. How good is it… you don’t have to pay for it. (that could save an easy $25,000 – $30,000 on a purchase)
- Banks have an appetite to lend – at present, first home buyers are desired applicant for banks. They are really open to help you get the finance required. This behaviour is always cyclical, so look at taking this opportunity.
- First home buyer concession – if you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG). If you are eligible for the FHOG and the home you are buying is in regional Victoria, you will receive $20,000. If the home is not in regional Victoria, the grant is $10,000. How long will this last?
At Crest Property Investments, we spend a lot of time reviewing new opportunities that cater to many buyers needs. Our advice is FREE, so please don’t hesitate to touch base and talk to us. We welcome the opportunity to help educate and prepare you for what will be one of the most exciting decisions you’ll make.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
July 2017
