Smart first-home owners and property investors who buy real estate now will be in a good position when the Perth property market rebounds with upward pressure on apartment prices and rental returns.
Here are three ways that may help you get your foot on the property ladder – and into a space to call your own:
Buying property with a friend or family member, be it a sibling or parent, can fast track your dream of owning your first home. Greater buying power also gives you more choice, be it looking at houses instead of apartments or purchasing a bigger home in a better suburb.
Sharing the expenses that come with buying a home, such as legal fees, stamp duty and inspection reports, certainly makes ownership more affordable and manageable.
More first-home buyers in Perth and around the country are turning to “rentvesting” to help them climb the property ladder without sacrificing their lifestyle. It basically means you rent in one area (usually the one you want to live in) and buy an investment property in another, more affordable area.
It is typically more affordable to rent a home in a popular location than it is to buy it, which is why rentvesting is considered a great stepping stone to owning your first home. And with someone paying rent from your investment property, you can save to buy your dream home – hopefully in your dream suburb – much faster.
Are you good with budgets, or at the very least, good with setting a goal and working towards it? Do you have someone in your life – a trusted friend or close family member – who you feel confident and comfortable talking about money with? Saving for your first home deposit doesn’t mean you have to do it alone when you have a support system.
A savings coach can help you reach your financial goals by going through documents such as pay slips, Centrelink statements and credit card bills with you, so you can get a clear picture of your income and outgoings. Financial counsellors are another great source of support, especially if you are experiencing financial difficulty and you need help with long-term planning.
As every successful property investor will tell you, the sooner you get into Perth’s real estate market, the sooner your property can start generating capital gains – and the quicker you can start to build wealth.
To find out how you can get your foot on the property ladder, call SOMO on 08 9202 9292 or send us a message here.