Buying a home is a major purchase, especially if it’s your first venture into the property market. First of all, you have to decide on what type and style of property suit you and your needs.
Are you after an apartment or a townhouse, or maybe the idea of a family home takes your fancy? Whatever your choice, not only does it need to be the right property it also needs to be the right time for you.
You’ve probably heard people say it’s a buyer’s market but should you believe them?
A buyer’s market usually means that the best time to buy is when the market is low. However, the difficult thing to know is if the market is already low, will it stay the same or does it have the potential to go even lower in months to come?
While property prices are at all time lows in certain states (even though the median house prices are increasing elsewhere) interest rates are also at lows we haven’t seen in decades.
Ideally, it would be great to purchase a place of your own when both property prices and interest rates are low but there are a few other factors to consider too.
Buying now may mean you ultimately pay less for the same property, simply because of timing. Wouldn’t that be nice?
Do your research when it comes to interest rates. The big four banks tend to offer more security but higher rates when compared to some of the minor players. Your best option is to shop around and see what works for you and your budget.
Whereas Sydney’s median house prices tips closer to the million dollar mark, Perth’s sits just over $500,000, so buying property in Western Australia right now wouldn’t be a bad idea if you’re looking for value for money. There are certainly bargains to be found in Rockingham, with many homes listed on the market for a few weeks or even months without a serious buyer.
For the first time in a long time, there are many incentives and reasons to buy a property and even the government is helping you get that dream home.
The First Home Owners Grant allows a significant amount of the property’s price to be paid for by the government. There might not ever be such an opportune moment to buy a property in Rockingham.
Interest rates could rise eventually, property prices could go up and there might not be as many incentives in a few years time. The best moment to buy a property is when you’re ready and know you can afford the monthly (or weekly) repayments without sacrificing too much from your current lifestyle.
You can talk to one of our friendly Mortgage Advisors if you’d like to calculate your borrowing capacity and see what properties you can afford today.