Whether you’re scrolling through your social media feed or tuning into the nightly news, there’s no shortage of doom and gloom going around.
But while rolling lockdowns and restrictions have taken their toll on many industries, real estate has emerged relatively unscathed. If anything, the pandemic has fuelled an already prolific property bubble, creating a new kind of market in which demand and prices have skyrocketed.
While this is great news if you’re planning to sell, where does it leave would-be first home buyers hoping to get a foot in the market in competition with cashed-up investors? The short answer: it can leave you feeling like giving up.
Well, we’re here to tell you otherwise and encourage you not to lose hope because buying your first home can be a lot easier than you think. How so?
First things first. While the market continues to soar sky-high, choosing to build new can be a viable option. Home and land packages tend to be a bit more affordable than buying an existing place. And given that a construction loan typically allows you to pay interest only during the build process, it also buys you time to bank some decent savings.