First Home Owners: Buy or Build in 2013?
As we move further into 2013, the property market is starting to get back on its feet following the Christmas and holiday period. In the Penrith and Nepean region, that means that a lot of people will be considering the age-old dilemma of whether to buy an existing property or build a new one.
A recent article in the Daily Telegraph (Feb 10, 2013) highlighted some of the factors that purchasers need to consider. For example, the removal of the "First Home Owner's Grant" for existing property means that purchasers now need more money up-front for the deposit and Stamp Duty. NSW Government incentives for building a new home however, such as exemptions from Stamp Duty and other benefits, have made this option more attractive if purchasers can meet the ongoing mortgage costs.
Regardless of whether you are looking at an older property or a new one, the key is always to get the right advice from the start.
The first step we recommend for any individuals, couples, or families looking to buy their first property, is always to meet with an experienced financial adviser or broker to determine exactly how much money you have available. Once you fully understand the financial requirements of each type of purchase, and know whether you would be better off with an existing property or a new build, you can start looking!
The next step is to speak to a lawyer about the contract. At Lamrocks we can review the property contract with you, as well as your mortgage documents, to make sure your interests are looked after and that you fully understand your obligations. We can also help people who are joining the growing number of friends and relatives buying a home together, but not as a couple, to make sure the financial arrangements are clear if they decide to sell in the future.
For any advice regarding property purchases, contact a member of our experienced team at Lamrocks on tel: 02 4731 5688.