Are you thinking about buying a family home over the next few months? With the Christmas period behind us, and the dust from the New Year celebrations well and truly settling, you might be thinking about finding a new place to raise your family.
It's a new year, so why not make a fresh start? If you've previously tried and failed to purchase your own family home, now is as good a time as any to give it another go! Property values around Australia are mostly going up, but in Canberra for December, CoreLogic RP Data monthly indices show a slight drop (0.26 per cent) from November. The median dwelling value at the end of 2016 in the ACT capital was $672,990 – almost $400,000 less than what properties were valued at in Sydney, and cheaper to purchase as well.
The median dwelling value in Canberra was $672,990 at the end of 2016.
Buying a family home can be a tough process, because you're not only making a major purchase, but you might also planning for a new family member to come along. That's why you should talk to the Canberra property experts at Peter Blackshaw Real Estate.
Finding the best place to buy
Buying a home isn't just about finding something that fits into your budget – it's more about ensuring you'll end up in the right place, and that it's not going to be too expensive over the course of your life there. You also need to look at school zoning, as your children's education will play a vital part in determining where you should live.
Say you enjoy driving down one particular road, because of the general atmosphere and the parks that are on both sides of the street. This is a great place to start your search. If that suburb ends up being too expensive for you, at least you have an idea of what you're looking for, and maybe you can look at peripheral suburbs. That template can easily be translated to other suburbs that will fit into your budget.
Property in Canberra is fantastic for families because it's so much more affordable than places like Sydney and Melbourne. When you're raising a family, you need money for all sorts of extras, from school fees to family holidays to new uniforms and sports equipment. If you can live somewhere that means you don't have to pay an arm and a leg for mortgage repayments because the property you buy is affordable, you'll have more money for these extra costs.
Know how much you can afford
You could decide to sell up and use the profits you've made to buy your next family home in Canberra.
Once you've found the sort of home you want to buy, or at least have an idea of a suburb or street in your head, it's time to calculate how much you can afford. If you and your partner already own a home, or even have a couple of investment properties in your portfolio, you'll already have security for another home loan. However, you could decide to sell up and use the profits you've made to buy your next family home in Canberra – a home that's bigger and more appropriate for a growing family in need of a great community.
Approach your bank or find a trusted mortgage broker before you decide to make any bids or attend any auctions. That way, you won't commit to something you can't afford, and leave yourself in a dire situation. That's not something you want to do when you've got a young family to support!
Once you know where you want to buy, and how much you can afford, you can seriously start looking and making bids. With the help of the Peter Blackshaw Real Estate team, you'll know what regions are going to be the best for you. For help buying your next (or first) family home in Canberra, make sure you get in touch today.