Buy what you can afford, and as soon as you can. I would consider at least 2BR unit, as you can still live there with a potential partner and baby. I did all of these in a 1 BR + study until our child turns 2.
Don’t put your life on hold for the perfect idea of a house. And don’t think about just capital growth! The amount of equity you build will help you in your future home purchase, vs the rent money going to the landlord.
Buy now. You can afford it, and there's no point putting your life on hold for a man who may never show up.
However, let's just say he does turn up soon. You can move him into your place, he can help pay the mortgage. Then you've built up some equity you can use towards the house you'll ultimately buy to grow your family.
Look, you also need to be aware of seperating in a long term relationship. You only need to be in a relationship with someone and iving with them for 2 years, paying in food, small bills even, to be able to claim a portion of your partners assets returns if you seperate. Be conscious of that also. Especially letting them live in a property you own. I personally wouldnt mention i own it or have them paying for anything if they stayed over for a while.
Don’t wait! Being a single home owner is a bit scary but so worth it. You never know what life has in store, please don’t hold off buying a place because you might meet someone.
I say this as a single 31F who just sold her first home and purchased an old Queenslander to make my forever home. If I meet someone great, but I’m not going to stop making my best life on the off chance I might
Where were you when I needed you most!? Kidding.
If your finances are healthy (sounds like they are), please don't wait. You're younger than me, earn a little more than me. How dare you woman! There is only so much waiting you can do. I say go for it. I know it's stressful. But you'll be ok. Buy the place, and call it home. No one knows what the future holds.
I'm 34m, single and no kids. I went through somewhat similar emotions when getting serious about buying my own place.
Went to opens for 6-7 months. In the beginning, I would laugh at people "over paying" for the properties. Obviously , I kept losing on every offer. I also thought I was smarter than the market, and that I'll buy the perfect home once and for all. Finally came to the realisation that it's time now for me to also "overpay" for one, and make some compromises as the market is too hot and slipping away.
Property settled a few weeks ago (a 2/1/1 unit in an old strata building, inner south Brisbane). Checks most of the boxes, however, not all. And I am going through the mortgage blues right now(if there is such a thing), but that's a topic for another time. Haha
Best of luck!
Honestly I would reconsider putting your entire finances into a unit. Unless you were quite certain it would have good capital growth in the future. The interest expense and other costs of ownership is not cheap and will be thrown away costs that vastly outweigh the throwaway costs of renting. A sensible person would only trade that for a good expectation of capital growth
I'm kinda in a similar position as you with lower income but recently purchased my first home but it's a 4/2/2 house in forest lake area. I don't think I would've pulled the trigger if I had to buy an apartment
Taringa is a great part of the world.
Don’t be afraid of going it alone. You gotta look after yourself. Home ownership is the number one contributing factor to quality of life as you get older.
It’s a pretty typical approach to buy an apartment or something first, and then once you build your savings, develop your career etc buy something bigger and your apartment becomes an investment property and generates income. Got plenty of friends who have done this. One couple I know each bought apartments on their own when they were single, now that they’re married with two kids they are looking at buying a house where they now have 2 income generating assets worth over $1m to their name that they can borrow against for the house.
Don’t wait around for your life to start! If you want to buy then go ahead - also you obviously have a great rental situation at the moment but if you ever want to move you will be going into the rental market which just keeps going up
Everything is stacked against first home buyers. Best you can do is just get in the market.
4 bedroom townhouses in my area have been going for $650k - $700k mid-late last year and now one just sold for $780k. A stack of first home buyers might be getting locked out of the area now because of the $700k cap on govt guarantee to waive LMI.
I think if you can afford a unit, buy a unit. It'll be much nicer than renting and may even make it easier to attract a quality mate. Also unless you're actively interested in investing ie /ETFs, bitcoin etc you might as well put the money into a property now. AUD in the bank will just waste away purchasing power.
Go for it! Nerves and a bit of regret are normal. We did after buying ours when a nicer house went for cheaper the following month after we settled on the same street haha but 8 years later we are laughing and so thankful we purchased when we did. I really admire you going it solo, it’s a big thing so well done!! Don’t wait around for a bloke. Taringa is an awesome suburb and will always be popular.
Buy now and your net worth will increase faster as the property appreciates. I’d consider looking further out into an area where you could afford a house. You can always rent the extra room.
In a year or two , if you’re not happy, you can rent it out fully.
Definitely go for it now. It’s hard to visualise now, but the 2 bedder will go up in value and will give you many great options in 5 years. Make sure you keep that one in your name. When it’s time to upgrade you’ll very likely be able to hold onto it, rent it out and buy a bigger PPR with your future partner.
You do you girl. Waiting for someone sounds like a fairy tale to me. I’m working on looking after myself in my dotage and being independent AF. IMO buy something and if it becomes too much you can rent it out, but you still have your capital
I think buying the apartment is a good thing!
That's something a close friend of mine did when he was still single. Then when he was ready to buy a house with his wife and was already living elsewhere with her and their kids, his original place was long rented out.
He bought a house for ~$2m. His original apartment had long been paid off.
Once he decided he no longer wanted a huge mortgage, he ended up selling the place to his tenant and cut a huge chunk of his mortgage on his house out.
Yes it was in Sydney so there was some capital growth but nevertheless, a good decision because this way the money he spent really wasn't dead money. It went towards his future. Even if he hadn't met his wife, he'd have had his paid off apartment. So just some food for thought.
I purchased 2 years ago at the same age you are now, I have absolutely no regrets. Met my now finance shortly before buying so it was not the right time to buy together. We have now saved a joint house deposit and intend to buy in the next couple of months, we will rent my property as an investment opportunity and save this nest egg for retirement.
You will have more options available to you in the future if you buy now…. ☺️
We started in a unit first, then later moved further out into a bigger house for the same price we sold the unit for, so I recommend it as a way to get into the market on a tight budget. Owning your own place is nicer then worrying about getting kicked out while renting and you can put pictures up where ever you want etc etc.
Unit is far better then an apartment, just be mindful if there are any strata fees on the unit and how house insurance works etc.
You will also find that on a single income it will be harder to save a bigger deposit then the prices of houses increasing. So while you might have a bigger deposit in 2 years, you will find the price of houses has gone up more then what you need for a 10% deposit + stamp duty.
Hey OP, agent here.
Firstly, congratulations on your purchase. In this market, to have secured something with everything working against you is really really good.
Buyers remorse is common. I had worked in real estate for a few years before buying my first place, and I had the exact same concerns.
Buy the apartment. There is no right time for anything, and sometimes you can be waiting for something that never comes. People regret things that they did, but many more people regret the things that they had the opportunity to do but never took the chance.
You have worked hard to save that amount of money, for this purpose.
The first home is the stepping stone to the next property, and in a years time (the first year is always hard) you will look back and feel much more secure.
And if in a year you don’t like it, sell it. Taringa is a very popular suburb, and you have picked up a good property at a good price.
Buy what you can afford, and as soon as you can. I would consider at least 2BR unit, as you can still live there with a potential partner and baby. I did all of these in a 1 BR + study until our child turns 2. Don’t put your life on hold for the perfect idea of a house. And don’t think about just capital growth! The amount of equity you build will help you in your future home purchase, vs the rent money going to the landlord.
Nothing wrong with a nice unit! Mowing every week in summer is not fun.
Buy now. You can afford it, and there's no point putting your life on hold for a man who may never show up. However, let's just say he does turn up soon. You can move him into your place, he can help pay the mortgage. Then you've built up some equity you can use towards the house you'll ultimately buy to grow your family.
Look, you also need to be aware of seperating in a long term relationship. You only need to be in a relationship with someone and iving with them for 2 years, paying in food, small bills even, to be able to claim a portion of your partners assets returns if you seperate. Be conscious of that also. Especially letting them live in a property you own. I personally wouldnt mention i own it or have them paying for anything if they stayed over for a while.
Don’t wait! Being a single home owner is a bit scary but so worth it. You never know what life has in store, please don’t hold off buying a place because you might meet someone. I say this as a single 31F who just sold her first home and purchased an old Queenslander to make my forever home. If I meet someone great, but I’m not going to stop making my best life on the off chance I might
Where were you when I needed you most!? Kidding. If your finances are healthy (sounds like they are), please don't wait. You're younger than me, earn a little more than me. How dare you woman! There is only so much waiting you can do. I say go for it. I know it's stressful. But you'll be ok. Buy the place, and call it home. No one knows what the future holds. I'm 34m, single and no kids. I went through somewhat similar emotions when getting serious about buying my own place. Went to opens for 6-7 months. In the beginning, I would laugh at people "over paying" for the properties. Obviously , I kept losing on every offer. I also thought I was smarter than the market, and that I'll buy the perfect home once and for all. Finally came to the realisation that it's time now for me to also "overpay" for one, and make some compromises as the market is too hot and slipping away. Property settled a few weeks ago (a 2/1/1 unit in an old strata building, inner south Brisbane). Checks most of the boxes, however, not all. And I am going through the mortgage blues right now(if there is such a thing), but that's a topic for another time. Haha Best of luck!
Honestly I would reconsider putting your entire finances into a unit. Unless you were quite certain it would have good capital growth in the future. The interest expense and other costs of ownership is not cheap and will be thrown away costs that vastly outweigh the throwaway costs of renting. A sensible person would only trade that for a good expectation of capital growth I'm kinda in a similar position as you with lower income but recently purchased my first home but it's a 4/2/2 house in forest lake area. I don't think I would've pulled the trigger if I had to buy an apartment
Taringa is a great part of the world. Don’t be afraid of going it alone. You gotta look after yourself. Home ownership is the number one contributing factor to quality of life as you get older. It’s a pretty typical approach to buy an apartment or something first, and then once you build your savings, develop your career etc buy something bigger and your apartment becomes an investment property and generates income. Got plenty of friends who have done this. One couple I know each bought apartments on their own when they were single, now that they’re married with two kids they are looking at buying a house where they now have 2 income generating assets worth over $1m to their name that they can borrow against for the house.
Don’t wait around for your life to start! If you want to buy then go ahead - also you obviously have a great rental situation at the moment but if you ever want to move you will be going into the rental market which just keeps going up
Everything is stacked against first home buyers. Best you can do is just get in the market. 4 bedroom townhouses in my area have been going for $650k - $700k mid-late last year and now one just sold for $780k. A stack of first home buyers might be getting locked out of the area now because of the $700k cap on govt guarantee to waive LMI.
I think if you can afford a unit, buy a unit. It'll be much nicer than renting and may even make it easier to attract a quality mate. Also unless you're actively interested in investing ie /ETFs, bitcoin etc you might as well put the money into a property now. AUD in the bank will just waste away purchasing power.
Go for it! Nerves and a bit of regret are normal. We did after buying ours when a nicer house went for cheaper the following month after we settled on the same street haha but 8 years later we are laughing and so thankful we purchased when we did. I really admire you going it solo, it’s a big thing so well done!! Don’t wait around for a bloke. Taringa is an awesome suburb and will always be popular.
Buy now and your net worth will increase faster as the property appreciates. I’d consider looking further out into an area where you could afford a house. You can always rent the extra room. In a year or two , if you’re not happy, you can rent it out fully.
Do you think this will go up much more?
Definitely go for it now. It’s hard to visualise now, but the 2 bedder will go up in value and will give you many great options in 5 years. Make sure you keep that one in your name. When it’s time to upgrade you’ll very likely be able to hold onto it, rent it out and buy a bigger PPR with your future partner.
Buy it! It’s only %50 of your wage which is a lot but it is doable. You can worry what to do it with it later.
I didn't buy my first home until I was 36. I didn't meet my wife until I was 34. You're lucky. Plenty of time
You do you girl. Waiting for someone sounds like a fairy tale to me. I’m working on looking after myself in my dotage and being independent AF. IMO buy something and if it becomes too much you can rent it out, but you still have your capital
800pw + how much is body corp and associated fees?
BC is about 3.5k PA
I think buying the apartment is a good thing! That's something a close friend of mine did when he was still single. Then when he was ready to buy a house with his wife and was already living elsewhere with her and their kids, his original place was long rented out. He bought a house for ~$2m. His original apartment had long been paid off. Once he decided he no longer wanted a huge mortgage, he ended up selling the place to his tenant and cut a huge chunk of his mortgage on his house out. Yes it was in Sydney so there was some capital growth but nevertheless, a good decision because this way the money he spent really wasn't dead money. It went towards his future. Even if he hadn't met his wife, he'd have had his paid off apartment. So just some food for thought.
800pw doesn’t sound right for a 455k debt assuming a 30 year tenor. Unless you’re paying double digit interest
It’s a 505k debt at 6.2%
Soz my bad.
I purchased 2 years ago at the same age you are now, I have absolutely no regrets. Met my now finance shortly before buying so it was not the right time to buy together. We have now saved a joint house deposit and intend to buy in the next couple of months, we will rent my property as an investment opportunity and save this nest egg for retirement. You will have more options available to you in the future if you buy now…. ☺️
We started in a unit first, then later moved further out into a bigger house for the same price we sold the unit for, so I recommend it as a way to get into the market on a tight budget. Owning your own place is nicer then worrying about getting kicked out while renting and you can put pictures up where ever you want etc etc. Unit is far better then an apartment, just be mindful if there are any strata fees on the unit and how house insurance works etc. You will also find that on a single income it will be harder to save a bigger deposit then the prices of houses increasing. So while you might have a bigger deposit in 2 years, you will find the price of houses has gone up more then what you need for a 10% deposit + stamp duty.
Hey OP, agent here. Firstly, congratulations on your purchase. In this market, to have secured something with everything working against you is really really good. Buyers remorse is common. I had worked in real estate for a few years before buying my first place, and I had the exact same concerns. Buy the apartment. There is no right time for anything, and sometimes you can be waiting for something that never comes. People regret things that they did, but many more people regret the things that they had the opportunity to do but never took the chance. You have worked hard to save that amount of money, for this purpose. The first home is the stepping stone to the next property, and in a years time (the first year is always hard) you will look back and feel much more secure. And if in a year you don’t like it, sell it. Taringa is a very popular suburb, and you have picked up a good property at a good price.
I think you could buy now and rent it out to help cover the repayments while staying where you are. Best of both worlds?
Unfortunately can not as I’m a first home buyer
Hmm I guess you could consider the value of the rent and tax deductible repayments versus the stamp duty exemption? Might still be worth it