The rising cost of buying a house can be a concern, particularly if you are planning on purchasing an investment property. You could wait twelve months and study the property market, however, house sales may be more expensive by then. Do you push yourself financially and start buying a house now, or wait and hope for the best in the property market in a year or two?
Increasing costs of buying a house across the property market indicate greater buyer confidence. This has been reinforced by the Reserve Bank of Australia regularly keeping interest rates on hold.
With rental markets solid, there is no better time to invest in buying a house than now. There are always sound investment opportunities to be found in any market’s house sales.
The key is to invest without overstretching your finances. Always have a buffer to allow you to manage and adapt to any change in the property market, like an interest rate rise.
Choice of property and your preferred location could also be hindering your progress and opportunity in buying a house.
Some properties and locations in the property market may be beyond your means. You should remain realistic. There are often exciting investment opportunities for buying a house if you consider your budget carefully and consider different suburbs or a different type of dwelling.
You might be surprised to know there is a host of investment opportunities in the property market in a wide range of locations to suit any budget including houses, strata developments, apartments and more. Don’t pigeonhole your search and be prepared to consider all options.
You should set objectives specific to your personal circumstances when buying a house for investment. There is no time like the present to invest, just make sure you seek expert advice. In a nutshell, if you want to reap the rewards of house sales later you need to start now!
If you have a question you'd like to ask, let us know at AskPeter@investorassist.com.au