In many cases the homes we really want are the ones we simply can’t afford, but that doesn’t mean that there aren’t other great properties available if we look outside the box a little.
For many, our first home isn’t our dream home. Sometimes we need to lower our expectations and compromise in some areas to be able to afford a first home, and then use the first home as a stepping-stone to purchase the dream home down the track.
There are still a lot of affordable properties around however, and a good place to start looking is areas that are next door to your dream suburbs.
The most expensive suburbs are generally those that are close to city centres, but as you start looking further afield, prices start to drop significantly. But just because a suburb is further away from the main action of a city, doesn’t mean it doesn’t have a lot to offer. Look at other characteristics that might appeal to you such as parks, public transport and accessibility to shops and amenities.
Another option, if you really don’t want to compromise on your dream location is to look for a fixer-upper. You can sometimes find some great homes that just need a lick of paint, or some new floors put in.
If you do plan on buying a fixer-upper however, be mindful of how much renovations will cost you, as you don’t want to overcapitalise. Add up how much renovating the home will cost you and add this to the sale price to figure out if you are getting a bargain or not.
And lastly, if you still don’t think you can afford a property, then don’t go it alone! You might be able to invest in a property with your partner, or perhaps you can buy with friends to help reduce your outlay. Read our blog on buying with friends to learn more about joint property ownership.
There are plenty of great property bargains out there, but the main thing is that you have to start looking for them, or you might not be there at the right time to snatch them up!
For more real estate advice and tips, don’t forget to keep following I Love Bacchus Marsh, and if you’re interested in looking for a property in Bacchus Marsh then have a look at the properties available at our website www.arbeerealestate.com.au.