Buying a home is pretty exciting, particularly for first-time buyers. It’s a big-ticket purchase that means you’re ready to establish roots in one place or start a family. But this could be a big challenge as well because there are factors you have to consider.
First, you have to decide whether you will buy a new one or invest in pre-existing properties. Second, you have to consider your budget or financial readiness. Third, you have to find the perfect location that will suit your lifestyle.
Given the rise of median house price in Melbourne, however, many buyers prefer new estates on the suburban fringe wherein they can purchase house-and-land packages for $400,000.
Why Invest in House and Land Packages
Buying house and land packages seem to be an ideal choice for home buyers. But this option also has its advantages and disadvantages. Knowing them may help you come up with the right decision.
If you invest in new properties, there will be less effort for you since it has little to no upfront work on the building. You don’t have to spend much on services like builders and costly renovations.
Choosing a property closer to town will also be beneficial as you could experience high rental yield if you decide to resell your property in the future. A convenient location certainly allows your investment property to attract more renters.
Making a Decision
Before coming up with a decision, you have to make sure that you are doing the right thing. It will be helpful to look for recent facilities on a new estate, suggested properties and services.
You have to evaluate the location whether the property is close to school, work and public transport but far enough from busy roads. A helpful way to know if it’s a good fit for you is to ask about the neighborhood.
Additionally, experts suggest asking yourself what you can afford. Consider your income and how much you’re able to put down on a mortgage without sacrificing too much of your lifestyle.
It’s true that a buying a home is an emotional purchase. But it’s a significant financial decision that requires a careful process, too. With adequate research, first-time property buyers like you can make the right choice.