So you had a particular three-bedroom real estate property in mind, but simply can't afford to buy it? With the median house price in Australia rising to a whopping $660,000, it's no surprise that young professionals and first-home buyers are finding it increasingly hard to penetrate into the real estate market. That doesn't mean you should completely give up on your dream. Here are some alternative buying strategies to follow when your dream home is exorbitantly unaffordable.
Consider a Smaller Home
If your dream of a big home is unattainable at the moment, don't give up entirely. Consider buying a smaller home or apartment in a desirable suburb. While size is definitely a compromise here, you'll still be able to enter the real estate market at a more affordable price point. While it may not be as big as you liked, you still get to buy your own home. Once you are more financially secure, you can always consider upgrading to a bigger home in the long run. A smaller home is your stepping stone into the real estate market.
Consider Purchasing a Fixer Upper
If you're handy around the home or have friends that are, a fixer upper could be the answer you're looking for. Most fixer upper apartments come at prices lower than the neighbourhood real estate average, so you could get a real bargain for the home. If you have the time and resources, purchasing a fixer upper is a financially beneficial solution to help you attain a home that's close to your dream. Before purchasing the home, you'll want to get a proper building inspection done to ensure that you know exactly what's involved in fixing up the home –– you certainly don't want to make the mistake of buying a home that will end up costing you a fortune in repairs alone.
Find Affordable Suburbs that Match your Budget
You can't always live close to the business district, unless you're willing to pay a fortune. Instead of dismissing the idea of buying a home or apartment, consider going to farther suburbs where the prices are lower than inner city suburbs. It's more than likely that the value of homes in these suburbs will appreciate –– ultimately giving you a healthy profit when you decide to sell. And with that profit, perhaps you'll finally be able to move into your dream home.
Buying real estate property in Australia requires a great deal of flexibility, especially if you're a first-time buyer –– these alternative strategies will help you find a home, even when you can't afford your dream home. For more information, contact a company like McGrath Real Estate Group.Share