The best time to buy a dual occupancy home is yesterday, or maybe a day, a week or even a year before that. Like a lot of investments, buying at the right time either requires luck or a magic crystal ball and for most of us, we’re dependent upon the former rather than the latter.
In any case, buying property is an excellent investment, one that’s backed by historical growth and stability even in times of war, rampant inflation, and other calamities. Dual occupancy homes, in particular, are a superb investment because of the potential for long-term accrual of property values whilst also potentially earning one or two rental income payments for as long as you leave the properties to let.
Timing the Market?
A great man once said that “time in the market beats timing the market,” and that certainly still holds today. Those who missed out on the low interest rates and relatively cheaper property prices of the past decade needn’t feel too left out, however. Property prices have soared, but they can still be an excellent store of liquid assets and, perhaps more importantly, provide you with a roof and a place to call home.
You could have bought Bitcoin a decade ago, invested in NVIDIA before the pandemic, or built up a huge portfolio at the turn of the millennium, but none of those things can be eaten when you’re hungry nor can they be stacked up to build walls and a roof to sleep under. A home is almost always a safe investment, one that does pay off even if the asking price is now much higher than it was previously.
In brief, think about your circumstances and consider your financial means, enquire about loans from various brokers, and try to have a good chunk to put away for a deposit – ideally more than the minimum. Mortgages are not ordinary loans with a fixed interest on the capital owed, they’re amortised and the real interest paid over the lifetime of the loan can be immense. So if possible, make your initial deposit as large as you can reasonably muster so that your outstanding mortgage is financially feasible and within your means.
Government Grants & Incentives
You should always be keen on taking advantage of whatever assistance may be available to achieve the goal of investing in a dual occupancy home. For example, the Government has a First Home Owner Grant that can ease the burden by up to $15,000 (in South Australia) or a share of up to 25% of the property price (in Victoria), for example.
These schemes can make the entire process of buying a first home much more doable. You could also ask for loans from trusted family members to make the deposit payment sooner, for example.
The Early Bird Gets the Worm
Property prices in Victoria and elsewhere in Australia have generally gone up quite significantly in recent years, so the earlier you’re able to get on the property ladder, the better off you’ll be generally speaking.
Investing in a dual occupancy home can yield high returns, whether you intend to let one or both properties or not. Enquire with a financial advisor for practical tips on how to get started and contact Trevor Homes to make your dual occupancy home a reality.
Trevor Homes takes pride in offering high-quality services, including our skilled builders in Brooklyn who bring innovation and expertise to every project. Our reliable builders in Burwood specialize in creating stunning homes tailored to your preferences. Additionally, our trusted builders in Caroline Springs are committed to exceeding expectations with every build.
Trevor Homes
Contact Trevor Homes today.
