Perth's rental vacancy rate is less than 1%, so now is a good time for renters to consider jumping onto the property ladder.
Simon Birkhead, general manager of the Home Buyer's Center, says home ownership is easier than people think and there are many different ways to get into the market.
“The real estate cycle can outpace your savings, so talk to an expert to help you discover your options so you can get into the market and quit renting for good,” Birkhead says.
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With pristine beaches, a smaller population and more affordable properties than the east coast, Perth is quickly becoming a hotspot for potential buyers.
PropTrack economist Anne Flaherty said property prices in Perth had risen faster than any other capital city over the past 12 months, rising by 12.8 per cent, in part due to the lowest vacancy rate in all of Australia.
“Given that property prices in Perth are rising faster than anywhere else, being able to lock in today's price could be very attractive to many buyers,” she says.
The team at Home Buyers Center is on a mission to help first-time home buyers live in their homes, and we've been doing so since 1991.
Here are some expert tips to help you make the transition from renting to homeownership.
1. Find your options
Buying a home is one of the biggest investments of your life, so it's important to talk to the right people to put yourself in the best position.
With over 30 years of experience making homebuying dreams come true, Home Buyer Center is here to help first-time buyers, even if it's just a quick, no-obligation chat to find out your next steps . Homebuyers Center, in collaboration with our finance partner Resolve Finance, can help you with finance, land, and housing all in one place.
Mr. Jamison of Home Buyers Center displays homes in Sinagra.
“There's definitely an incentive to buy a new build, and one of the things that's appealing to buyers is the ability to customize the final product to fit their needs,” Flaherty says.
“If first-time homebuyers can lock in a price now with a reputable builder, it will be very attractive.”
2. Set a savings budget
Create a budget and stick to it. It seems simple, but holding yourself accountable every week can be difficult, so professional help may be helpful.
Services like My Home Plan*, Resolve Finance's unique customized program, allow you to work one-on-one with a finance coach to create a home savings plan that's tailored to you.
Setting goals along the way will help you stay on track and teach you new budgeting skills for the rest of your life. Plus, you're not doing it alone.
3. Accurately understand your situation
There are many mortgage calculators out there, but your actual borrowing power is influenced by many factors.
It's important to have the most detailed information to make an educated decision about what you can afford.
Understanding your financial situation is the first step to owning your own home.
Talking to a mortgage broker at Resolve Finance will help you understand your options and exactly what government grants and schemes are available to you.
4. Find financial incentives and packages
Birkhead says house-and-land packages are a smart option for first-time homebuyers because they do all the heavy lifting for you.
“We have exclusive access to a variety of plots in prime locations, land that is not available to the general public. We then design a home on a block of your choice based on what you want in a home.” ,” he says.
“And all of our house and land packages include fixed site works, so you don’t have to worry about any nasty contingencies.”
Additionally, first-time home buyers may be eligible for a variety of government grants and schemes to help them get into the market.
The federal government's First Home Guarantee, Family Home Guarantee, and Regional Home Guarantee programs offer deposits as low as 2% or 5%^ to eligible first- and second-home buyers. We offer you the possibility to start purchasing with.
The WA Government is also offering a $10,000 First Home Owner Grant (FHOG) to eligible applicants^.
“First-time homebuyers can also access and take advantage of a range of unique financing options through Resolve Finance,” Birkhead said.
“They're experts in construction loans, so it's helpful to find out what options you have when building a home.”
5. Do your homework
Once you understand your situation, you can start investigating. Even if you're not ready to buy yet, you can see what's available to help you plan your goals.
Home Buyers Center Bellini shows homes in Aveley.
Follow the social accounts of Perth's top home builders and start researching their websites.
Read our blog posts, testimonials, and tune in to first-time homebuyer sessions.
It's also a good idea to check out independent review sites with customer stories to get a sense of what the construction process is like. Homebuyers Center, where he won Product Review's Top Builder Award (WA) two years in a row, has over 1,200 reviews of him where you can hear directly from customers.
Visit our website to learn more about how Homebuyers Center can help.
Image courtesy of Home Buyer Center.
