From the 1 July, regional first home owners will not only benefit from an increase of the First Home Owner Grant (FHOG) to $20,000, but they will also save on Stamp Duty. This is the best time in recent history to enter the residential market. With just over three months before you can take advantage of these considerable savings, now is the time to plan your home buying strategy.
There’s the important factors of pre-approved finance, deciding on where to build and the home you would like to live in.
You should also think about your wish list, the “must-have” and “nice-to-have” features you’d like in your home. This will make it easier to narrow down your search when you’re ready to make the big purchase.
Over the past ten years, I’ve seen a trend in the design of houses getting bigger and bigger. These days, it’s standard for homes to have ensuites, walk-in robes, a butler’s pantry and multiple living areas. But does living in a bigger home mean you’ll have a happier life?
When you’re writing your wish list of all the features you need in your home, I recommend you think about how connected you’d like to be with your family in your new home. Young children need a lot of supervision, and in a compact style home, I believe it’s a lot easier to keep an eye on them and guide them in your families values. If your home is designed with an open plan kitchen, meals and living area, it will be a lot easier to supervise the kids while completing everyday tasks. I believe bigger doesn’t mean you and your family will have a happier life. I think it’s important to feel at home in your new house and you will be more than comfortable in a design where every room receives daily use.
The boost in the FHOG is a great opportunity for first home buyers to enter the property market and stop paying rent. It is important to remember that this isn’t necessarily your forever home, but a stepping stone to get on the property merry-go-round.
With a good supply of affordable land available in the greater Geelong region, first home buyers are in the favourable position of having a number of great choices on where to build their first home.
This is a very exciting time to be investing in the Geelong property market, with strong growth forecasts for the region and interest rates at an all-time low.