First Home Buyers So often I talk to young adults who are caught in the rental trap with no real passion or desire to take the first step into the property market. "Why," is usually my next question? Are they scared of the commitment to a mortgage? A landlord will put just as many demands on a tenant as a bank. Perhaps there is a lack of will to save? A property purchase automatically builds equity as time goes on, or is it just a case of they don’t have the desire to secure their future. Over the last twelve months, in what has been a fairly flat market, we have experienced a 3.2% growth on Canterbury homes. If you take an average home valued at $450,000 that equates to a growth in capital value of just under $15,000 which is about the same as a years rent that would never be seen again. Sure you are committed to your mortgage and there are other responsibilities and costs that come with the investment. Costs such as rates, insurance and maintenance which would have been the landlords costs and worry, but there is no debate that the easiest way to accumulate wealth in our wonderful country is through property. The options available to first home buyers, I personally feel, is as good and flexible as ever, with the correct advice and guidance we should be encouraging our friends and family members to take advantage of this very stable market we are currently in. There are some extremely good buys in the outer suburban areas only a 10-25 minute commute from the centre of Christchurch that offer real value. The fact that many want the buzz of the inner central suburbs is unrealistic because the reality is that many of these areas are now premium locations. Many of these premium located homes for sale in the city are competitively purchased with competition pushing the values above many first home buyers’ budgets. The actual properties in many cases are no where near the same quality that could be purchased in the fringe suburbs of the city. Wherever you decide to purchase, remember, you are never to young or old to buy your first home. I know personally the pride and rewards of owning property and believe me it is worth every cent and effort. Leave a Reply. |
James Twiss
Licensed Business Owner of Harcourts Four Seasons Realty 2017 Ltd Greg Roberts
Licensed Business Owner of Harcourts Four Seasons Realty 2017 Ltd Archives
September 2020
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