What Strategies Can a First Home Buyer Use?
As a first home buyer, you may wonder whether you should buy a home or an investment property first.
Everyone’s position is different. It is important to figure out what your budget is first. Then, it is a matter of asking yourself some questions.
Questions that First Home Buyers should ask themselves.
Property can be an excellent vehicle to help you get into your dream home. If you aren’t sure what path to take, start by asking yourself the following questions:
Why do you want to buy your first home?
How will it affect your family life?
Will you have to move and your kids change schools?
Will it be your dream house?
Will you live there for a couple of years or ten years?
Can you afford to buy in the area you most desire?
If you bought your dream house, how much would you have to compromise in your day to day life?
Strategies for FHB.
There are many strategies out there that could help you wind up in your dream house too.
Here are just some:
You could buy a few investment properties first. Then, when you are in a better position, you could sell them to buy your home.
You could buy a property and flip it for profit so you have more capital to buy your home.
You could buy a bulk land deal and build your dream house for less than it would cost to buy.
You could do the above, but build a duplex and live in one side. If you rented or sold the other side, you could pay off your mortgage much quicker.
You could purchase two positive cashflow properties and use the income from these to service a mortgage on your dream house.
Speak to those in the know.
Before you start searching on realestate.com.au, make sure you discuss your position with a finance strategist and property investment expert first. This can help you develop the best strategy for your situation to ensure you get into your dream home as quickly as possible.
Are you a first home buyer looking to crack the market? Please share your experiences in the comments section below. If you need help with any aspect of the purchase, let us know by contacting us below.