If the dream of home ownership has never seemed so far away, then you’ve come to the right place. Investor Dream is dedicated to helping first home buyers. Here are three ways you can get your first home when you thought you couldn’t afford it.
1. BUY IN THE AUSTRALIAN SUBURBS
It is possible to find a first home that costs you less in mortgage repayments than you are currently paying in rent. Why be at the mercy of a landlord and worried about where you hang your picture hooks when you can get into your own home where you call all the shots?
Even in a bustling city like Sydney, there are suburbs where you can pay less in a mortgage than in rent. For example, just 15 minutes from the CBD is Lakemba, a trendy south-west suburb with thriving small businesses and great opportunity for growth. Discuss your desired suburb and budget with Investor Dream to find where you can save on your first home buyers mortgage.
2. BUY A FIRST HOME WITH ONLY WHAT YOU NEED TO SAVE ON YOUR MORTGAGE
While it is tempting to invest in a property which has all of the bells and whistles you have been missing while renting, if you want to pay less for your mortgage think carefully about what you really need in a first home. Consider a unit instead of a full house. Look at properties with one bathroom instead of two. Choose a first home that needs a kitchen or bathroom reno.
This way you are getting into the property market and you are no longer throwing away money on rent. As soon as you purchase your first home, if you’ve done so with the right advice, you will be building equity. Your mortgage repayments are now going towards building more equity in the difference between your home loan and the value of your property.
3. USE AIRBNB TO PAY OFF YOUR MORTGAGE
We are living in a sharing economy in Australia. Who takes a taxi when they can use an Uber? Who stays in a hotel when they can rent a house on Airbnb? You can make some extra money to pay off your mortgage by just renting out a room, or two. Or consider one of the other sharing economy platforms out there. Spacer allows you to offer storage space to users. If your first home has some room in the garage put it on Spacer. Or if you don’t want someone staying in your spare room, how about just the items they want to put in storage?
There are plenty of options out there for you.