It’s a weird one. Sometimes you’re actually better finding a place with a slightly ‘too high’ Home report value. Especially seeing as that’s your mortgage benchmark and you can use things like the first home fund towards that value.
I bought a flat in the west end at home report in August after 9 months odd of what you’re doing. Upped budget but used governments dough for deposit then used the saved deposit to renovate it. Gov gets its money back when I sell and I get the cash back i put in to fix the place.
There’s no real downside of stretching your mortgage term out a bit further to make a bigger outlay more affordable either -if you think you can add value and you’re not planning on living there forever you’re relatively safe with that provided you’ve bought something that will weather the coming storm.
Nobody wants to be that guy but remember you could always rent it out short term if it loses value temporarily also. Better than falling off first rung of the ladder anyway. |