Here are some reasons to consider buying your first home soon:
- Your home is more than just your castle it is your first building block on your way to provide financial security for the future. When purchasing allow a buffer for possible rate rises and unexpected costs. Rember purchasing a property is a longer term investment so plan to hold for at least five years or longer to generate some reasonable capital gains.
- Rents are very high and presently increasing whilst interest rates are low. The difference between weekly mortgage repayments and weekly rents has narrowed.
- The stamp duty exemption means no stamp duty payable for homes up to $500,000 which is a saving of up to $20,700.
- The First Home Owners’ Grant of $7,000 in WA is still available.
- The market has been softer for for a number of years and we are now seeing growth witha shortage of stock. There is a lot of demand building right now as many people have put off buying or selling in the last 3 or 4 years due to a lack of confidence. Interest rates are now down to historic low levels. First home buyers have a window of opportunity to buy now whilst prices are flat in good locations. Good buying now should see potential future growth.
Besides there is nothing like being King of your own Castle!