June 2016 Issue 116

Buying your first home. Let’s look at the options

B2B Editor 13 June 2016
Buying your first home. Let’s look at the options

All of us have been brought up with the goal and hope of buying our own home. We have this discussion in the office on a regular basis, when, where and how to go about it. Naturally opinions vary as personal bias comes out.

The first part of the process is to look at your 5-10 year plan. This affects your purchase in deciding the style and location of your property. If you intend to live in the property for an extended period of time your location might vary. You may also look at a new home in a newer suburb which will benefit your eligibility for the first home buyers grant. Be sure to thoroughly research and understand how you qualify for the first home buyers grant. These grants do not apply to established properties. It’s vital to have your finance approved so you know exactly what you can realistically afford.

Where to consider buying?

As Canberra continues to expand, I would suggest researching the following options when looking to purchase. Experience tells me that demand for larger blocks in established suburbs will increase. Suburbs such as Kambah, Wanniassa and those in Weston Creek offer larger blocks with potential for renovating or rebuilding. These locations are close to amenities like schools, transport, local shops, factors which are becoming increasingly important for lifestyle. Many government departments are already in residence in Tuggeranong adding to the area’s attractiveness for quality tenants.

Across the lake the suburb of Casey is performing well and is serviced by the Barton Highway for easy access to inner Canberra or a run to the airport. The beauty of this suburb is the quality of home within 2 minutes of the CBD. The new market centre for Casey by all accounts is going to be a major feature of the area and very attractive for younger families who are drawn to this area. This suburb is proving popular with tenants who also appreciate the style and quality in a very handy location.

Apartments are your other option. There is certainly plenty of exciting choice when it comes to new apartments be they in Braddon, Campbell or the inner south Kingston. Apartments on Giles Street Kingston at Wentworth Court are a great example as they have good sized bedrooms and underground parking. The location is accessible to both the foreshore and established Kingston. As the new complexes are developed on Eyre and Dawes streets these established properties will offer a great lifestyle for the shrewd investor or occupier.

The most important factor when buying your first home is to be fully informed and do your research. Seek advice from professionals and go into the exercise with your eyes wide open and prepared for this very rewarding purchase.

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