The only logical answer to this question is ‘when you can’.
Put simply, if you qualify and can borrow enough to buy your own home ‘anywhere’, then do it.
Many first time home buyers want to wait until they can build their dream home in their dream suburb – not realising just how much more it’s costing them the longer they wait. Historically, property values increase by an average of 10.00% per year. For example, in 2000, the median house price in Perth was around $175,000 and as of March this year, was $550,000 - which is actually higher than average growth!
Let’s take a simple look at approximately how much more it may cost if someone who qualifies now put’s off the decision for just one year.
A typical home and land package for $400,000 may cost $440,000 (a staggering $40,000 more). Add to this the fact that you will be renting for another 12 months at say $450 per week which equates to another $23,400 a year and pretty soon, you have just spent $63,400 more (almost $174 per day) than you should have. Put it off for another year and it could cost as much as $130,000 more (including two years of wasted rent money).
So, if you qualify, buy whatever you can afford now and your dream home will become a reality sooner.
Fill out the form below to see if you qualify.
Home Owner 1
Home Owner 2