Owning one’s first home is the
realization of a dream for many, but the road towards that goal is definitely
not made of yellow bricks. There are many obstacles to overcome, many factors
to consider. One of the most significant decisions you’ll be making in the
process is choosing what type of property to purchase. Here are three types of
property that you will likely encounter on your home ownership journey:
A newly built home
Having a new home built is
ideal if you have a specific design in mind or want to be more involved in the
construction process. The downside is that the construction can take months, so
patience will be necessary if you choose this option.
Established homes
Buying an established home
means you get to move in as soon as you finalise the purchase. However,
established homes tend to be pricier. You’ll also need to have a thorough home
inspection done to avoid discovering costly issues after you’ve moved in.
Off-the-plan
Off-the-plan properties mean
you buy a property that hasn’t been built yet at a discount price. Now that the
First Home Owners Grant has been increased to $10,000, off-the-plan properties
have become all the more attractive to first home buyers. Be careful
though—since you haven’t seen the property yet, off-the-plan is a high risk
investment.
You can get in touch with a
home builder or real estate agent to learn more about each option, including
what they have to offer you.
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