I have concerns that my partner and I won't be approved for the amount of money we "need" to stay where we currently live. Prices in our area have risen significantly in the past 3 years. I'm always looking whilst we are still saving for a deposit. As house prices go up, the areas we can afford are moving further north.
Whilst my partner is in an industry that he could easily pickup work if we were to move further, my position would take some time to find.
What are our options?
Can first home buyers, buy and rent out straight away?
I've thought of buying small, to later renovate, but that scares me. Lol.
Home loan not buying you want you "need"
Home loan not buying you want you "need"
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Money
5 Replies
What state are you in?
First home buyers in QLD you have to live in property for stipulated amount of time. Can you use your parents or parent in laws family home in lieu of a deposit as security?
Your options are to buy what you can afford in a different area or start saving faster to build a big enough deposit to buy sooner in the current area. Remember to that house prices ebb and flow so they wont always be rising and if you are set on the current area you may need to accept a smaller or not as well maintained place to get your foot in.
That’s reality. Pretty much everyone I know has had to buy 3-4 suburbs further out than where they wanted to be
My advice would be.... use property as a stepping stone. But where you can afford and sacrifice travel time to work etc... work hard, pay off as much as you can, then sell. Move to the next area you like. I did this and it has served me well for my family’s future..
My advice would be.... use property as a stepping stone. But where you can afford and sacrifice travel time to work etc... work hard, pay off as much as you can, then sell. Move to the next area you like. I did this and it has served me well for my family’s future..