What is your dream home?
Tips to get there If you are planning to make a move into your own home by Christmas, here is ...
Tips to get there
If you are planning to make a move into your own home by Christmas, here is something to consider as you research the market.
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 suburb or a particular area 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 is in the local area that you can walk to, and whether this is a better lifestyle match in the short or medium term.
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.
It's a good idea to have a chat with your property manager before you start looking for properties to buy, as they will be able to keep you in mind and contact you when your ideal property comes up to match your wish list.
Last but not least, it's important to honour your obligations as a tenant. A tenancy agreement is a legal and binding document.
Breaking a lease could end up costing you. For instance, you might be liable to pay rent until a new tenant is found, as well as advertising costs.
If you're planning to move out of your rental accommodation and purchasing your own property, make sure that you are at the end of your lease and sufficient notice has been given to your property manager.