Can you afford your first home?

If you’re thinking about buying your first home, there’s no better time to act. With Perth’s property market favoring buyers and interest rates at record lows, you’re in a better position than ever to achieve your dream of home ownership. Here are our top five tips for getting started!

1. EVERYTHING IN MODERATION, INCLUDING MODERATION

You don’t have to sacrifice your entire lifestyle to save up for your deposit, and in fact you’re likely to be better off if you’re still enjoying yourself at least a little!

Moderate adjustments to your lifestyle, such as giving up your morning coffee, can really add up, ensuring you are able to regularly save a pre-decided amount. It’s important to make it a realistic amount; if you aim to save too much and try to live on two-minute noodles, you won’t stick to it. Weigh up the lifestyle you want versus what you really need; maybe that morning coffee is a necessity, but you’re not using that gym membership anyway.

2. MANAGE EXPECTATIONS

Even in a buyer’s market where you have your pick of properties, it can be challenging to keep an eye on what you can afford. Don’t fall into the trap of unrealistic expectations about the number of bedrooms or stunning waterfront views. Instead of focusing on a brand new home with all the trimmings, make a list of features you cannot live without.

Try not to be too restrictive, and consider looking at properties that you can adapt how you like later. It’s more important to get your foot in the real estate market door in a good location than to hold out for your dream 5 bedroom 3 bathroom house with a scullery!

Download your eBook

3. BUY SMART FOR LONG-TERM GAIN

You have a list of the most important things to you, and undoubtedly an idea of the ideal location to begin your new phase as a homeowner. However as with your expectations of the house itself, you need to be realistic and smart about the location. By taking a long-term view, you should be able to capitalize on the long-term growth of the area and leverage that into your future real estate investments.

By adjusting your rose-tinted glasses and keeping your budget firmly in mind, you may find that your ideal property, in the ideal suburb, may not be your first home, but it won’t be out of reach forever.

4. BE CAREFUL WITH THE FHOG

At present, Western Australia’s first home owner grant only applies to new builds, aiming to stimulate new housing. While understandable from the government’s point of view, it can deter those who are relying on it from considering lower-priced, second-hand homes in superior locations.

If accessing the FHOG is critical to your budget, one option is to buy a new apartment. You could still benefit from the FHOG, while getting into a good area, close to amenities.

6. GET IN EARLY

We have said it before and it’s worth repeating; success in real estate comes down to time in the market, not timing the market. The sooner you purchase your property and the longer you hold it, the better it can perform as an investment.

The same goes for saving money. If you have been taught early in life about saving, and made the effort to regularly hoard a portion of your pocket money, by the time you’re in your early twenties, you should have a decent deposit. Even without that head start, the sooner you begin, the better off you’ll be. Just remember the golden rule from tip 1: make it realistic so you can stay focused while making the most of your youth!

Download your Strategy Tool

If you want more information about property investing, why not read our Get Ready to Invest in Property eBook.

If you’re not sure what type of strategy would best for you or you would like to learn more about different strategies, why not download our 4 Strategies to Success fact sheet.

Or, if you’re ready to talk about buying your first home, why not complete our Getting Started form to get the ball rolling.

Need finance?

If you’re ready to invest and you’ve got any questions about finance, call us for a free Financial Health Check: 08·9381·7450 or download our Finance Services information.

Connect

To stay up to date with our latest information, property news and blog posts, you can subscribe, or follow us on Facebook and Twitter.

Property and finance services under one roof (FACT SHEET)

As we announced recently, Property Wizards has launched its finance brokerage arm – so we can now offer property buying and finance services under one roof.

The move was fuelled by our customers’ demand for quality financing:

“Throughout our property buying process so many of our clients ask for help with their finance. They want a smooth process where their property and finance is all taken care of without any hassles, and with a single point of contact. So it made sense to us to extend our service offer to include finance.” – Liz Sterzel, Property Wizards director

We’ve teamed up with award-winning finance group House and Home Loans to provide a quality range of services and products.

“We chose House and Home Loans because their premium standing with the banks gets us priority service and we can negotiate rates – not just accept what is offered to the market.

 

DOWNLOAD YOUR FINANCE FACT SHEET

 

 

Complementary services

Property investing can be quite complex and introducing a service that is complementary to our existing services simplifies the whole process. We’ve found that our customers like the synergy between their property investment and finance strategies and we can get them into the right structure from the start.

The service includes loans for investment properties, self-managed super funds (SMSFs), construction and development, commercial property and homes.

We also review existing loans to ensure our clients get the best discounted rate available. We have saved clients substantial amounts just by restructuring their existing loans.

How does it work?

Our goal is to keep it simple. So we take you through our simple 5 Steps to Finance process. We first assess and understand your finance goals and budget, develop a strategy, conduct a loan search, then help you apply for the right loan.

Our simple but comprehensive service allows you to enjoy a stress-free, smooth process, with one point of contact throughout. This can be integrated with our buyer’s agent and development services, or accessed on its own.

Now is an excellent time to review your loans, especially if you want to fix your rate as they are the lowest fixed rates we have seem for some time.

For more information about our finance service, call 08·9381·7450 or download our Finance Service fact sheet.

Property Wizards launches finance service

Award-winning Perth buyer’s agency Property Wizards has launched its own finance brokerage arm.

Managing director Liz Sterzel said the move was fuelled by their customers’ demand for quality financing.

“When we are going through the detailed processes of property buying for our clients, so many of them ask for help with their finance,” Ms Sterzel said.

“They want a smooth process where their property and finance is all taken care of without any hassles, and with a single point of contact. So it made sense to us to extend our service offer to include finance.” (more…)

Why it pays to have professionals on your team at auction (CASE STUDY)

Property Wizards represented a client at auction over the weekend and achieved a fantastic outcome – securing them a beautiful home in the Perth hills.

The property was secured at $25,000 below the bank’s reserve using auction techniques and skills to ensure bids did not reach any higher than they had to and through skilled post-auction negotiation. Here’s how… (more…)

Yield or capital growth – which property investment strategy should you go for? (ANALYSIS)

If you’re just starting out in property investment and you’re not sure which investment strategy is right for you, it’s worth exploring the differences between yield and capital growth.

Understanding the differences can help you work out which strategy is right for you, and therefore the type of property you should be looking for. (more…)

What’s the difference between a real estate agent and a buyer’s agent? (Q&A)

While most people know what a real estate agent – or seller’s agent – is, it seems not everyone knows what a buyer’s agent is – or does.

So we thought we’d break it down. (more…)

Have it all – why single women make great property investors (SPOTLIGHT)

iStock_000017108927Large

This International Women’s Day, we thought we’d celebrate female empowerment by taking a look at female property investors.

An article last year, Single girls top guys in homeownership stakes, revealed that according to the Australian Bureau of Statistics, single women’s ownership of property is higher than that of single men.

It also showed that despite the oft-documented gender pay gap, in the property sector, some women are outperforming men. (more…)

Saving tips for first homebuyers (NEWS)

Property Wizards was recently approached by The Sunday Times Real Estate Magazine to provide advice and savings tips for first home buyers.

Here’s what director Trevor Dunkley had to say.

With the Perth property market at the bottom of its cycle and interest rates still low – for now – it’s a great time for first home buyers to get into the market.

However, there are several things to consider when it comes to saving for that first home loan and being aware of the pros and cons of the government’s first home owner’s grant. (more…)

Have you thought about investing in commercial property? (TIPS)

When you think about property investing, a lot of people immediately think of residential property.

But there are also opportunities to generate wealth from commercial property investment, so long as you understand the key differences between commercial and residential investment markets.

While many investors understand residential property because they may have bought and sold homes themselves, commercial property is more complex. The factors that drive the success are different and the things to consider when choosing your purchase are different.

And before you start, you need to get a few things in order:

  • Pre-determine a budget
  • Consult with your finance broker
  • Check with your accountant if you need to register for GST
  • Decide what entity you will hold the property in

 

Property Wizards director Liz Sterzel shares her tips for achieving success in commercial investing – for those crossing over from residential or those just starting out: (more…)

On the move – Perth property market on the rise again (ANALYSIS)

While there’s been a lot of focus on the downturn in the Perth property market, there’s plenty of good news coming in.

A number of sources have revealed that Perth’s property market has reached its low and is starting to show signs of improvement. (more…)

“Secured a property that ticked all our boxes”

Property Wizards helped Workpower – a social enterprise that supports people with disabilities – find new office premises that met their extensive criteria!

“We could not have secured a property that ticked all our boxes or managed all the negotiations without you.”

READ THEIR STORY…

Low interest rates add to the appeal of the Perth property market (TIPS)

Perth, Western Australia, viewed at night reflected in the Swan River.

We already know it’s a great time to invest in property in Perth.

With the Reserve Bank of Australia’s decision last week to keep the cash rate at 1.5 per cent, this certainly adds to the appeal of getting into the Perth property market.

So while interest rates have stabilised, they are likely to rise. So if you’re ready to buy, the time really is now.

What should you do next? (more…)

Is it really a buyer’s market? (Q&A)

 Hand on old door (old house, renovation, knock-down)

“It’s a buyer’s market!” you probably keep hearing. Perth’s current property market is a buyer’s market! The time to buy is now!

To dig a little further and find out if it really is a buyer’s market, and what this means for investors, we asked Property Wizards director Liz Sterzel what she thought. (more…)

Median house prices – magical or misleading? (Q&A)

Hand Pushing The Button House by phanlop88 - resize

Whether you’re just starting out in property investment or you’re a seasoned pro, you’d be familiar with the term, median house prices, and have probably spent countless hours scouring newspaper articles and real estate data trying to digest and distil them.

But what do they really tell you and what else do you need to know to make sense of them?

Well, we thought we’d break it down for you. We asked Property Wizards Buyer’s Agency director Trevor Dunkley for his insights on median house prices. (more…)

How to pinpoint the next real estate hot spot! (Q&A)

Suburbs overhead view

Want to know how to pinpoint the next real estate hot spot? Of course you do. That is a question we get asked all the time here at Property Wizards.

So we thought we’d save you some time, and go straight to director Liz Sterzel for her thoughts.

Many people want to invest their money in property, but choosing a suburb that offers maximum growth can be a daunting and confusing experience. So how do you isolate great growth areas?

Here’s what Liz says: (more…)

FREE Starter Pack

free-starter-pack

With everything you need to get started in property investment, development or home buying. Click here

FREE Perth Property Market Report

FREE Perth Property Market Report

With latest suburb information, growth rates and essential information for property investors and home buyers. Click here

FREE Property Briefings

FREE Property Briefings

Information sessions on the property market, latest strategies, investment and development. Cutting edge information, no sales. Click here

Subscribe

Subscribe

For the latest Hot Properties, Tips, Strategies, Property Market Info. Click here

Archives


Awards and Recognitions