Welcome to Top Tips Tuesday!

This week’s tip is for those looking to enter the property market. I hear a lot of stories and conversations with people and the general public about how tough it is to get into the property market. It has always been a challenge, but I think in this current hot property market, it’s even more so.

I think it’s important with the way the forecast is going, especially in Southeast Queensland to get in sooner rather than later.  We are seeing the price market growth, and the deposit and funds to complete need to be larger now.

You may not be able to afford to purchase a home in the suburb you want.  You could purchase something a bit further away from your ideal suburb that may be more affordable. You can use that as a steppingstone, so when that goes up in value, you can use that equity growth to get in back into the area that you really want to be in.

Another strategy that you could look at is buying a property, not to live in, but to use it as an investment property.  At least you’ve got an asset that’s growing in value, and that’s going to help you when you come to buy your own home.  You can either sell it and use the profit for a larger deposit or use the equity from the investment home. You’re also going to get the tax benefits and having someone else pay the mortgage off as well.

I think it is really important to just keep focusing on the end goal of home ownership. I don’t think anyone’s regretted buying their own home in the long run. I know it is a very tough market and the way the forecasts are going it’s not going to get any easier in the short term.  I would implore those to look at all other alternatives that may get you started on the property ladder.

Good luck with your home ownership journey.

If you would like to see the full video click here. 

If you would like to have a discussion about your property needs click here to book a time in my calendar and I will give you a call.

Regards,

Geoff Tomkins

Buyers Advocate

PH: 0404 852 781