That first home buyer feeling! ️Congratulations to Erin on buying your first. For many buying your first home can be an emotional and daunting experience. You have every man and his dog, Uncle, Auntie, brother, sister telling you where and what to buy. Throw in the amount of information online, and it starts to become overwhelming!
Typically, as Buyer Agents, we avoid buying apartments for our clients unless they have a unique point of difference! What does a point of difference look like when buying an apartment? What do the banks measure first when lending against this asset class?
It all starts with the internal size and location of the apartment. At a minimum, apartments we buy for our clients must have a balcony, if possible we prefer an outdoor space like a large terrace or courtyard on the title or an extended lease agreement.
WHY? Because the land appreciates over time and the building depreciates over time. When buying your first home in the inner ring of Melbourne, if your budget is sub $1,000,000, you need to be able to compromise.
In this instance, our client AKA my sister (Erin) was able to sacrifice being on Glenhuntly road, to secure a courtyard almost twice the size as the apartment. We didn’t compromise on the location as this beauty has a WALK SCORE of 89. Meaning practically every errand can be completed on foot.
As a First Home Buyer, Ensuring the first purchase you make is critical in allowing you to either build a portfolio in the future or sell and upgrade to a larger home. The sub $1,000,000 market has never been more competitive in the Elwood, Elsternwick, St Kilda areas. Low stock levels and low-interest rates mean FIRST HOME BUYERS out in force, searching for their Dream Home Without the Nightmare.
Since 2010, the apartment market in Melbourne has been sluggish at best! Very little growth in many apartments across Melbourne that’s because 95% of them don’t have any land on the title.
Ask me what this apartment sells for in 10-15 or 20 years, and you will be pleasantly surprised by the return on investment!
We have access to OFF MARKET properties that suit first home buyers and home buyers alike.
If you need any assistance with buying, don’t hesitate to speak with one of our Property Buyer Agents on +61 8374 7652 or book a Zoom call here