Rules for a first property purchase
Whether you’re in your twenties, thirties, or forties, getting onto the property ladder is no easy task. But it could be one of the most important financial decisions you’ll make.
‘This first property is your stepping stone and can literally set you up for a financially secure future’ says Chris. ‘Your first property, regardless of what type, is always the most important’.
How do you approach your first property?
Making sure that you get your first property right is all about preparation and research. By analysing the property market and understanding local trends and prices, you’ll be in a good position to maximise the equity from your home.
‘Ideally, your first property should be purchased at a fair market price, be of good-quality construction, located in a strong growth area close to lifestyle amenities, with the potential for solid increases in value over time,’ says Chris.
‘It should also have a good Walk Score, the measure of the property’s location and the ability to walk from here to the suburb’s transport, shops, parks and schools.’
You can get personalised market insights for your areas of interest with Reventon’s free property suburb report.
Think of the future
Your first home purchase should be exciting, but try to resist falling in love with a property without considering its future sale price.
On average, nearly 50% of first home buyers will sell their home within ten years, so make sure you’re purchasing a property that will increase in value in this time.
‘If you’ve been smart when purchasing your first property, having looked at all your options and sought expert advice, in three to four years’ time the property should increase substantially in value,’ says Chris.
‘You could then get your property revalued and use your equity, or a percentage of the property that you own, as a deposit for a second property, kick-starting your investment portfolio.’
To be confident that you’re making the right choice with your first property, it pays to get guidance from a professional. At Reventon, we have 125 years of collective experience and have helped thousands of Australians to reach financial security through home ownership.
Get in touch to book a free consultation with a property expert