Another year is drawing to a close, with 2016 right behind its tail. For people who are looking to make an investment in the real estate market, a fresh new start at the beginning of a new year would be the best time to do it.
But, how can a budget-conscious first time homebuyer buy property in a hot market faced with lots of competition and fluctuating prices?
These five tips can help make affordable property search easier and more manageable.
Invest in smaller, more attainable properties such as condo units. You can buy a new home for a fraction of the cost. Apart from the initial investment on the unit itself, there are also plenty of long-term savings in purchasing a condo. You will have lower utility bills and more affordable maintenance costs since the space is considerably smaller compared to multiple-bedroom homes.
Another way to save money on home purchases is to consider a smaller unit. One bedroom units are popular in the market because they are the most affordable, yet they provide enough living space to accommodate a comfortable lifestyle.
Finally, when looking to save cash on a condo purchase, don’t be afraid to buy a unit in a brand new housing or complex development. It may be empty now, but it won’t be that way for long. Plus, builders usually offer a limited number of ready-to-move-in units in their brand new projects at highly discounted rates.
Buying a home, regardless of how long you’ve been saving up for it, is no easy feat. First time home buyers are faced with a big responsibility to come up with enough cash for the initial down payment, which is why it is a good idea to find homebuilders that offer monetary incentives.
Depending on the incentive, a buyer may be allowed to pay a lower down payment or to get discounts on homes, sometimes even both.
Builders that partner with an affordable homes program are great for first time homebuyers as it provides assistance for making home ownership more attainable and available. Prior research is important to ensuring you find as many viable options as possible. Ask a residential real estate broker Victoria to know more.
National Brokers Network Business Brokers Victoria provides handy tips, advice and resource for homeowners in maintaining their homes and keeping their market values profitable. Are you looking for a home? Check out the list of residential properties up for sale or contact us below:
Telephone: 03 9226 9222
Email: businessbrokersvictoria@rh.com.au
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