Sydney Home Buying Tips for Millennials
Younger Australians in the millennial generations are largely priced out of the property market, unlike the preceding generation. Even young Australians who can afford homes may find the buying process challenging. It’s difficult to secure a home in a sprawling metropolitan region like Sydney even for older income earners. Younger buyers face even more hurdles, such as rising property prices and competing savings priorities like for studies. Still, if a young buyer is determined, don’t be discouraged from buying a home in Sydney. If not anything else, it will be a major investment in one’s future. But before, be aware of the following:
Choose the Right Suburb with the Help of a Professional
Sydney has plenty of suburbs packed together so it can be hard to choose one. If this is the case, do hire a local professional real estate agent. The best real estate agent Burwood, for example, can find you’re a property that matches your lifestyle, budget, and also future needs. If you are young, you may not yet be very familiar with the suburbs. Therefore, professional help is the best in this regard.
Start Saving Early
Did you know that a teenager managed to buy a house is Coomera because he started saving for a home since high school? You don’t have to pay for the home right away, but you will need to start saving the deposit early on. Do not depend on your parents for the deposit. If what your parents can afford is little, you may be stuck with an inadequate house for much of your adult lives. You can get a loan from parents, but you should definitely save on your own as well. Plan in advance to secure your dream home right away.
Do Use Government Incentives
In New South Wales, young residents can get help in various ways from the government to buy the first home. Research these incentives and don’t overlook to take advantage of them. For example, the government offers first home buyers grant that some young buyers aren’t even aware of. You can get up to $20,000 to help with the down payment. First-time homebuyers in NSW also get discounts on the stamp duty. So, there’s plenty to benefit from if you can do some research.
Look for Boom Locations
A location is an absolutely key factor when buying a home. Expert realtors advise first time buyers to look for so-called “boom” areas to buy. These are regions with the most potential to grow in the future. It’s not that hard to predict which areas have this potential. Look for locations closest to transit hubs, like a train station, or major commercial regions. If you buy property in such an area, your property value would naturally rise in the future, and the renting or leasing potential is also great.
Right now, you may be fine with an apartment with a single bathroom. However, in five or ten years from now on, you may have a spouse and kids. The apartment with the single bathroom will look much less appealing then. When you buy, don’t forget to calculate your future needs. For example, if you plan on having kids, you may want to buy a home located near a good school, even if you don’t need that location right now. Plan for the future when you buy and don’t be short sighted.