Just wondered if anyone can advise me what would be the best option in regard to the size of property (bedrooms) in buying my first home. I want to buy a second asap after the first, so am i better to buy small or large first.
Hi and welcome to the forum.
What do you need and what can you afford?
Is the home just for you or for your family?
If you’re looking to purchase a second soon (and keep the first) you’ll need to know what your borrowing capacity looks like.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Agree with the above post,
If you plan on using the first property as your PPOR, then it will making sure you purchase a property that suits your family, both currently and probably what it will be like in the next 5-10 years as well.
If your first property will be an investment, then just look at the potential numbers, see if you can get this first property to be positively geared, either by adding equity through renovations, maybe the property has a granny flat and can provide a double income, or maybe the property is just naturally positively geared. If your first property is geared positive or neutral, then it should not impact on your borrowing capacity for your future property and should give you some more freedom.
yeah, I think we still need to know some more info before giving you some ideas to help you – especially whether you plan to turn your first as an investment property too, and what your personal needs are for your own home
One thing I would look at is if your first purchase will later become an investment, than it can become difficult to look at your purchase objectively. What I mean is, you may miss out on a great investment with solid returns, because you couldn’t see yourself living there for whatever reason. Alternatively, you may find a property that you love and feel’s like home, but it may make a lousy rental. Can be hard to get the best of both worlds. But as the others said, hard to give advice without knowing the full situation
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