For those who’ve managed to save up enough for a payment for a home, then you know exactly how much hard work you already needed to put into this. Alas, you now need to put in even more time and effort to pick the right property for you. If you’re struggling to figure out what this might be, then you’ve found yourself in the right place.

Factors to Consider

The most obvious aspect that you should consider is your budget, as this will heavily impact your choices. Make sure to balance your needs and preferences with what you have available for not only the down payment but also monthly payments.

However, if you find yourself struggling with your budget, with every option feeling a bit out of reach, you should consider waiting a bit longer before making an offer. For example, spring and summer tend to bring not only better weather but also increased costs due to higher market activity.

Of course, if you can’t wait it out, then we’d suggest taking a look at cheaper areas, even if it may require a bit more of a commute for you. Speaking of areas, you should make sure to do your due diligence beforehand according to your lifestyle. 

Let’s say that you’re planning to live solo in Brisbane, then it’s not quite enough to make sure that you have picked a popular area that others love. While this is still important, as real estate is an investment that you can benefit from in the future, especially if you’re planning to eventually sell or rent the property but it’s not the end all be all.

However, we’d urge you to go deeper and check out things such as the things to do by yourself in Brisbane. Doing this research will allow you to see another side of Brisbane and figure out if it’s the right fit for you.

For instance, if you’re someone who enjoys shopping, then Brisbane would be a great spot as areas like James Street and Oxford Street offer a myriad of independent stores along with sprawling malls. In general, since this is a highly populated area, there are plenty of other activities you can enjoy solo, such as museum hopping or going to a nearby beach.

But if you’re moving with your family and want something more rural, then you might want to consider other cities. So, take a moment to consider if the area you’re picking will match your desired lifestyle or not. 

Of course, there will always be a necessary adjustment period, however, by picking a place that offers things in your wheelhouse, this change will be less jarring. And you should also take a moment to consider the type of real estate you want to buy, which brings us to the next segment of our article.

Types of Residential Real Estate Options

When it comes to deciding what type of residence will suit you best understanding what options are available to you is crucial. All of them come with their own quirks, but the below should help you make an informed decision.

As the most common choice for prospective property buyers such as yourself, let’s talk about single-family homes. It’s ideal if you value your independence, as it’s a free-standing home, and want to also own the land it sits adding to your privacy and space.

Another good option is a townhouse, if you don’t mind sharing walls with neighbors. These are narrow and terraced multi-floor homes that have their own entrance, meaning that you get your personal space but you still feel like you’re part of a community. 

Next, we have multi-family units such as duplexes or triplexes, which are usually great investment opportunities. This is because you could technically live in one unit, whilst renting out the other/s. 

To round this list off, we have condominiums (condos), that are similarly structured to apartments, with the main difference being that the former is bought and the latter is rented. Here, the common areas are shared with other people living in the building, but they also require less maintenance and can at times have other amenities like gyms or pools.

Benefits of Owning vs. Renting

For those who found the aforementioned a tad bit overwhelming, we completely get it. But there are plenty of positives that come along that make all your hard work worthwhile. For starters, a home is an asset that can build equity over time.

Moreover, homeownership offers a level of stability that renting simply cannot, as you never have to fear your landlord kicking you out. Plus, you won’t be giving away your money for someone else but be investing it into your own future.

However, renting does have less significant upfront costs when it comes to things such as maintenance. And it does offer more flexibility, allowing you to easily move should anything change in your life.

To counteract this, owning a home gives you more freedom to change your space in whichever way you prefer. And while rent prices can change, a fixed mortgage doesn’t, making it more straightforward to budget your finances. 

Conclusion

It’s clear that simply having the funds you need to buy a property is not quite enough. There’s plenty of research and further work involved, however, the end result is most certainly worth it.