Hi
I'm a first home buyer in Brisbane – and trying to work out what the best plan would be for my circumstances. Apologies in advance for the long post, but after weeks of going around in circles, I need some advice!
My Situation
My dilemma
What type of property should I buy and where? After the changes to the First Home Owner Grants last year, I can get a $15,000 grant for purchasing a new property, but if I buy an established property I get $0 (except for the stamp duty concession). Right now I'm thinking that I should go for a new build, as why would you not take advantage of the grant, as $15K boosts my deposit significantly (and I'll only be a first home owner once so won't be able to take advantage of such a grant again).
However, looking at new build options (and only wanting to pay up to $400K), I'm unsure what is the best option to take (particularly as I am considering both my own requirements and in terms of it being a potential future investment). I'm also unsure about body corporate and what would be considered 'low' or 'excessive' in terms of BC fees. What I've found as potential new build options so far:
I also wonder whether I am just being too focused on the $15K grant, when in fact, I would be better off buying established. Another option would be to buy something established and far cheaper (ie $300K), and then paying more than the required mortgage repayments in order to pay it off quicker (which I could do at that price). Properties I have seen for this option include townhouses in Runcorn and Kuraby - close to train lines.
So.... as you can see, I am totally confused about whether to go new build or established, townhouse (with body corp) or house (freehold), or even what suburb to go with (it doesnt help that I'm relatively new to Brisbane). I've been doing loads of research and reading, but I think that has only raised more questions and make my decision making more difficult! I'm totally debt free, so the thought of entering into a mortgage is quite daunting and I'm freaking out that I will make the wrong decision! However, I really want to do this - I'm tired of renting and want to take my first step on the property ladder.
So any advice would be greatly appreciated - what would you do in my circumstances? Is there something I haven't thought of, or am over thinking?! Thanks so much for your help, any advice or feedback gratefully appreciated!
I'm a first home buyer in Brisbane – and trying to work out what the best plan would be for my circumstances. Apologies in advance for the long post, but after weeks of going around in circles, I need some advice!
My Situation
- I'm mid 30s, currently single, no kids and work in the city.
- I'm currently renting in Toowong
- I'm open as to what suburb to purchase in, as long as it takes less than 1 hour to commute to the city (the faster the commute the better, and I would prefer to be close to a train line rather than reliant on buses). However, my family are all in the 'burbs on the south-side of Brisbane – ie Calamvale, Springfield Lakes etc so I would prefer to be not too far north (although its not a deal breaker).
- I'm looking to spend up to about $400K. This is because I dont want to have huge repayments (as I'm doing this alone) and also because I have only about 5% deposit (due to travelling over the last 10 years rather than saving!).
- I want at least a 2 bedroom place - as I will be owner/occupying, at least for the short/medium term.
- I would prefer a house, townhouse, villa rather than unit or apartment (although again, not a deal breaker)
My dilemma
What type of property should I buy and where? After the changes to the First Home Owner Grants last year, I can get a $15,000 grant for purchasing a new property, but if I buy an established property I get $0 (except for the stamp duty concession). Right now I'm thinking that I should go for a new build, as why would you not take advantage of the grant, as $15K boosts my deposit significantly (and I'll only be a first home owner once so won't be able to take advantage of such a grant again).
However, looking at new build options (and only wanting to pay up to $400K), I'm unsure what is the best option to take (particularly as I am considering both my own requirements and in terms of it being a potential future investment). I'm also unsure about body corporate and what would be considered 'low' or 'excessive' in terms of BC fees. What I've found as potential new build options so far:
- Townhouses / Villas in Calamvale. Concerns: not close to a train line (so commute to CBD is reliant on buses), ongoing/increasing body corporate fees.
- Townhouse in Richlands. Concerns: ongoing/increasing body corporate fees, next to Inala, but close to train line and good commute into the CBD. I've also read about the future development in this suburb?
- House and Land Package in Goodna, Darra. Concerns: people have said that these suburbs are not desirable, and that I'd be foolish to buy and live there - particularly socially/entertainment wise, as a single 30-something female. (Note: I'm not sure how 'real' this is, as I tend to go out/socialise in the city anyway). However, the train line goes through these suburbs and its a quick journey into the CBD.
- Land options that I could then build on - potential land in my price range that I could build on is located in Wynnum (but backs onto a train line), Salisbury (subdivided block), Wacol ('undesirable' suburb), Goodna and Darra. Concerns: the land I can afford all have their draw backs - although are these actual draw backs or am I reading too much into it?)
- There are also apartment buildings out there, but these tend to have lifts, gyms etc that increase the body corporate fees, plus I am a bit over apartment/unit living (I want a bit more space!)
- Are there any other options that I have missed?
I also wonder whether I am just being too focused on the $15K grant, when in fact, I would be better off buying established. Another option would be to buy something established and far cheaper (ie $300K), and then paying more than the required mortgage repayments in order to pay it off quicker (which I could do at that price). Properties I have seen for this option include townhouses in Runcorn and Kuraby - close to train lines.
So.... as you can see, I am totally confused about whether to go new build or established, townhouse (with body corp) or house (freehold), or even what suburb to go with (it doesnt help that I'm relatively new to Brisbane). I've been doing loads of research and reading, but I think that has only raised more questions and make my decision making more difficult! I'm totally debt free, so the thought of entering into a mortgage is quite daunting and I'm freaking out that I will make the wrong decision! However, I really want to do this - I'm tired of renting and want to take my first step on the property ladder.
So any advice would be greatly appreciated - what would you do in my circumstances? Is there something I haven't thought of, or am over thinking?! Thanks so much for your help, any advice or feedback gratefully appreciated!