Should you rent out your first property and buy another one?
This is one of the biggest questions many homebuyers face. The majority of Australians today prefer buying an investment property first, instead of a home to live in. If you are a first-time buyer looking for an apartment, you should think about the pros and cons of both.
From deciding to invest and knowing the financing basics to actually buying a property, this article aims to enlighten you.
What Happens if You Invest?
Before, first-time property buyers used to save money for a down payment, and then take the first step by buying the ideal apartment in the city to live in. After the first few years of comfort and relaxation, there come the major problems of keeping the property.
The reason many buyers choose to invest first is that they become financially sound without making compromises. The perks of investment-first strategy is that you are earning money while getting your foot on the property ladder. So, when you already have more than enough, you can now buy your dream apartment to live in. You could be in the best position to have your first home.
What Happens if You Buy & Stay?
Figure out if investing is right for you, so you will not regret your decisions later on. Think about your needs, your wants, your lifestyle and your personality. If you want to buy with your heart rather than your head, you are thinking that investment-first strategy is not for you.
A leading property and land developer in Brisbane, Pointcorp.com.au, shares that the key to being happy with your first property is doing extensive research. Only you can make a good purchase and manage your home to earn substantial rewards. After buying an apartment, maintain it and renovate it. You can sell it later on if your situation will change – whether you got a better job in the next city or you are planning to have a family.
Buying a property for the first time is truly exciting yet daunting. Keep these things in mind to make smart, informed decisions.