This can be one of the hardest things to do when you buy a home – especially your first home. At the end of the day, making the right decision about where to build your home, how the home is designed and who builds is critical and can make a MASSIVE difference to your financial position over the short, medium and long term. A simple example – two siblings receive $500,000 from their parents to buy a home. One of them buys a property in an already booming area for 500k, the other buys one 20mins down the road for 400k and pays the deposit on a second property with the balance as an investment property. Who do you think is setting themselves up better financially?
As far as location goes, you should always be looking for the next “boom area”. If an area has already boomed, you are too late. Look to buy on the fringe of these areas as they will typically be the next one to go. If you are currently renting in a capital city, it is highly unlikely that you should be buying in that same area. Start a little further out, make the extra 15-30mins commute because it is worth it in the long run. Nobody lives in the same house their whole life these days. Buy cheaper, gain that equity and move up to the area you actually want to live in.
With the design and build quality, my advice would be to try and be in the top 20% of homes in the area without being in the top 1%. I wouldn’t build a plan that a builder has done 20 of already in that suburb or estate. Finding a boutique builder with a specific niche or modifying a plan to make it unique are both good ways to ensure you get that one of a kind value aspect. This sounds obvious but value for money is important. Don’t overspend (https://www.equitybuildhomes.com/home-design/handy-hint-6-dont-overspend/) and never be afraid to ask for a better deal.
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