Are You Struggling To Buy Your First Home?
The great Australian dream is not out of reach for first home buyers in 2021. If you are feeling stuck or struggling to understand how you will manage to buy your dream house – it could be worthwhile doing some research to evaluate available options based on your needs.
As with any property buying strategy, you need to seek expert advice and consider the associated benefits and risks.
In this first home buyer guide, we bring you slightly less conventional options that can help you to embark on your exciting home-buying journey in Adelaide.
SA First Home Owner Grant
If you are not sure how much deposit you can pull together – 20 per cent is usual – you may apply for SA First Home Owner Grant. Under this scheme, first-home buyers (couples or individuals) can access a $15k grant from the SA government when they build a new home.
You can put this money towards a deposit for either building or purchasing a new home. It will help you enter your first home sooner.
If you are thinking to buy the property with family or even good friends, then shared ownership may be an option. It enables first home buyers to get on the property ladder as owner-occupier in a more affordable way.
However, before entering into co-ownership, it is essential to consult with first home buyer specialists and check out if you’re eligible for Shared Ownership and understand the costs associated with buying a part buy/part rent home.
Starter Home vs Forever Home
It is alluring to buy your forever home outright. However, would you buy a starter home now or instead save up until you can afford your “forever” home?
Purchasing a starter home gives you many unparalleled benefits, including lower price points, less upkeep and lower property taxes. It could be a smaller, more affordable house in a suburb or an apartment. Either way, investing in a starter home can be a great investment strategy.
Ask Your Parents To Be A Guarantor
If you are looking to buy your first home but need support getting there, ask your parents to be your guarantor. When your immediate family member becomes a guarantor, they will allow the equity on their property to be accepted as additional security for your home loan.
If you are ready to get started on your first home buying journey, it pays to have a specialist on your side.
Let’s connect for a no-obligation phone chat or submit an enquiry online by clicking on the Contact Us button and discuss your preferred location, borrowing capacity, ideal property type, first homeowner grants, the optimal home loan and other relevant details.