What type of property you should buy as your first purchase
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.
Today we’re going to talk about what type of property you should buy as your first purchase.
In residential terms, there are a few main options.
The unit/apartment. The villa. The townhouse. The duplex. The land. The house.
Which one is right for your first property?
Something closer to the city such as a unit?
Or something further out with good land size?
It really comes down to your budget and personal choice.
Some decide to buy close to the city due to convenience and lifestyle benefits.
Some rather rent near the city and buy an investment further out or even interstate.
With the view for potentially enhanced growth.
The two most important questions to ask yourself.
Are you wanting to occupy the property?
How much can you afford?
These questions will determine were you can afford and what you will be able to purchase.
Your household size will usually determine the type of property you will require. From a studio apartment to a large house with a big garden and everything in between.
Most of society would usually love to buy a waterfront Point Piper mansion.
In reality this isn’t realistic for most of society.
Which is totally cool, as you can make your own place great, no matter where it is.
Maybe one day you can afford that waterfront home.
But in the meantime if your just looking to invest, in my opinion, pick the best growth location you can find.
If your living in the property, try not to overcapitalise on the purchase price and renovations.
Which basically means, ideally don’t spend more than what the property will be worth at the end.
The beautiful thing is you can if you want.
It’s your first property!”