When you’re not a first home buyer anymore

Things to consider when you are moving on up that property ladder

Being a first home buyer is exciting and there is a wealth of knowledge and support out there to guide you, but what about that next step.

Assistance for those looking to upgrade from their “starter property” is limited and there are far fewer targeted support networks for this demographic. 

Stamp duty:

You may no longer have discounts or exemptions for stamp duty costs when purchasing your next property. Dependent on the state you are purchasing in consider these costs in your upfront buying expenses.

Forever home or just the next step:

You may no longer be looking to purchase a home that will gain value. Your new motive may be “forever home” and the cost is less relevant than the features you need in your home going forward.

Ensure you know what you want from your new purchase and the motivation for this purchase.

Remember a new kitchen may only cost $30,000 but if you don’t have the cash to pay for it straight away you will need to live with the state of the current kitchen in your prospective new home.

Location Location Location:

As you move through the varying and unique stages of life which is unique to us all you may find where you want to position your humble nest changes.

As a young pup the benefit of being near the highlights of the city with dining and entertainment choices at your doorstep may no longer be your main concern. If youngsters are on the horizon you may wish to look for a suburban patch to call your own. Parklands Schools and childcare will dominate in this scenario.

Alternatively, you may just wish to head for the hills, move that little further out and find an acreage to call your own homestead. 

The choice is yours but be sure you know which direction you want to head before you start looking.

Key takeaway:

Remember you won’t qualify for the same assistance packages you once did as a first home buyer so expenses and the buying process will be different this time.

Have a clear list of requirements before you begin your search. Know what it is you are looking for and what your key motivation is in the purchase.

Above all, have fun! Buying a home is a wonderful and rare experience. While the gauntlet of Saturday morning open homes can leave you stressed and exhausted, find time to enjoy a relaxing coffee break in-between that 10:30 and 10:45 booking. 

About the Author:

Steve Berka is a Brisbane real estate commentator. Steve First joined the Brisbane property market in 2011 as a first home buyer in the Wynnum/Tingalpa area and since has bought and sold in many areas around the Brisbane and Logan regions. 

Steve has a keen interest in supporting Brisbane property Seekers to ensure everyone can enjoy their own unique dream whatever that may be.

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