Where should you buy your first home
“Hello and welcome back to daily buying tips, I’m Dean Berman from Berman Buys.
Today were going to talk about where you should buy your first home.
In short, this topic is totally individual i.e. it’s really up to you.
But if I was buying my first home, this is what I would do.
Decide if you are buying property because it will make your lifestyle easier or more enjoyable.
This means living near your everyday activities such as work, schools, shops and transport.
Would it make sense for your situation if you took.
The i.e. $500 per week rent your currently paying and purchase something that will cost similar to hold?
At the end of the day you will have an asset.
Which is generally a good thing.
Also, currently various state governments are offering first home buyers grants and stamp duty exemptions.
Some cover established property, some are only applicable to new property.
The second option you have is whether you simply want to make some money.
If money is the option.
Decide if you would be comfortable purchasing in an area you may not want to live in.
The area may not even be in the same state, but may give you better returns.
You should also understand there are areas all around Australia for pretty much any budget and any investment strategy.
This means you can invest for under $400k or above $1m+.
Another key point to note, is before you invest, try and really understand which strategy you will be implementing.
There are over 40 options if you get really finicky.
But really about 10 main ones.
As a first home buyer who is investing, I would likely focus on either renovation, knock-down rebuild, positive cash flow and buy and hold.
Therefore the areas you buy in will need to be conducive to whichever strategy you use.
This means staying within budget and generating the potential return you are after.
My last bit of advice would be to try and not stress during the process.
Try make the process fun!”