How to live in the suburb of your dreams
As the market gets tighter we are given less options and we more often than not no longer have the luxury of deciding which suburb we would like to buy a home in or specific property features we desire. These expectations are hard to look past when buying a home, so we’ve put together a couple of ways to get around the money obstacle and one day buy in your preferred suburb.
Lowering your expectations
While it’s hard to fathom, lowering your expectations may provide you with an entry into your preferred suburb. Opting for a fixer-upper without all the bells and whistles is the perfect solution.
Find structural beauty in the yard size, land size, and size of the home or unit, as opposed to the state of the bathrooms or kitchens. These homes will likely be more cost effective and will give you the option to renovate to your taste.
You’ll likely have to compromise on quite a few things so work out what’s most important to you and let those goals guide you.
Buying a home, particularly in a desirable suburb can be difficult to afford on your own. You’ll not only be competing with lots of couples or families in the market but you will likely have to sacrifice your lifestyle to make the commitment.
Buying with somebody else, otherwise known as co-buying, Is a growing trend in the Australian market. Co-buying refers to purchasing property with friends or family members.
Our tip is to buy a property to be used as an investment. That way it can be a more straightforward business partnership and gets rid of all the awkward variables like what happens if they move out or move overseas. A co-buying agreement can (and should) be made with a lawyer to ensure everyone feel much more comfortable and calm about the partnership.
Rent where you want to live
Buying a home in a growing suburb can be a great way to fund living in your preferred suburb. This arrangement would mean renting, and financing your rent through the income earned on your investment property. More and more entry level buyers are making purchases interstate or in more remote locations as a way to fund their dream homes.
The goal with this strategy is to accrue enough capital to one day live in your preferred suburb.
Buying a home has long been the Australian dream. Everyone starts at the bottom end of the market so try to make rational decisions and stay patient. While there may be detours on the way to living in your preferred suburb, with the right plan and goals you will get there.