First Home Buyers - Why buy off the plan?

Considering buying your first home?

There are pro’s and con’s to buying off the plan and I know it’s a big decision to make.

First Home Buyers:

Generally speaking, First Home Buyers (FHB) love buying off the plan as it gives you more time to save for settlement, it also saves you several thousands of dollars on stamp duty and your FHB grant is more if you buy brand new.

It makes sense for a FHB to buy off the plan, it really does.

Beg borrow and steal (don’t steal but you get the gist). One of the most important things in your life is to get on the property ladder. Don’t think the market is going to crash and the world will come to an end, then I’ll buy.
 

Everyone that has ever bought, even our parents, think they have paid too much and how can it ever be worth more than what I just paid....but properties increase. The stats don’t lie.

Case Study 1:
 

I have friends (who will remain nameless) who took advice from their father in 1999 (who is an accountant) to hold off buying their first house because every country that has an Olympic Games inevitably crashes.
 

They now have 2 kids and are still renting in Hawthorn.

Case Study 2:
 

Other friends decided to sell their single fronted Victorian in Richmond for $500,000 because they heard the market was going to crash, decided to rent for a year or two and would then re-enter the market.
 

12 years on, they're still renting and can’t afford to re-enter the market.
 

Listening to inexperienced people regarding the property market WILL cost you time and money.
 

I’m not saying that the market never corrects itself; it does however, if you're buying and selling in the same market it’s all relative.
 

As a first home buyer, it’s very easy to listen to family and friends about what the market is doing or what is the hot spot or interest rates are about to go up or down. It’s very confusing out there and the amount of information is hard to decipher.
 

My advice to you is, there is no time like the present.
 

Why rent when you can buy?

Bracken Hall is happy to help, simply call Matt directly 0402 098 888 or email me at matt@brackenhall.com.au and I'm happy to give you my opinion on a project or set you up with a finance guy or simply to have a chat.