Take little steps on the way to your property dream
It can take some time to make the move from renting to owning your dream home.
Even if a home on a decent sized block of your own land is your ultimate goal, look at a ‘stepping stone’ purchase on your way to achieving this.
Give yourself short, medium and long-term acquisition options.
A townhouse or unit that you can call your own might be the first step.
If you have a fixed location in mind, look at townhouses and units as well as free-standing houses as they may present a more affordable entry point.
Look at all three options that come at the same price and consider what you are getting for your money, because sometimes the unit, for example, might come with a view that the house can’t match.
Take into account what you can walk to from the unit, and whether this is a better lifestyle match in the short or medium term.
Lifestyle considerations can also extend to asking yourself how much time you want to spend on yard maintenance and overall upkeep.
Yes, you will have such outgoings as body corporate costs and strata title fees, but don’t rule out a unit or townhouse without investigating these in relation to all the outgoings relevant to a free-standing home on a block of land.
As with any property purchase, if you buy well in the first place, you will be in a good position when it comes time to sell.
If your unit or townhouse ticks the boxes for tenants, it is likely there will be investment buyers interested when you are ready to move toward your next goal.