{"id":15259,"date":"2020-08-26T13:16:26","date_gmt":"2020-08-26T03:16:26","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=15259"},"modified":"2021-08-02T16:20:49","modified_gmt":"2021-08-02T06:20:49","slug":"buying-the-right-property","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/buying-the-right-property\/","title":{"rendered":"Why the next property you buy is the most important one"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"15261\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/buying-the-right-property\/build-equity-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Build-Equity-Email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?resize=1000%2C250&#038;ssl=1\" alt=\"buying the right property\" class=\"wp-image-15261\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/08\/Build-Equity-Email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>This blog\u2019s title is a bit deceptive, because every\nproperty you buy is important, for either lifestyle or financial reasons. <\/p>\n\n\n\n<p>I contemplated using the title: <em>\u201cwhy the first\nproperty you buy is the most important one\u201d<\/em>. But the reality is, if you\nhave made a mistake on your first property, you can always start again. <\/p>\n\n\n\n<p>The general theme of this blog is to demonstrate that the\ncompounding impact of buying the <em>right<\/em> property is critical to\nunderstand. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/725756?theme=light&amp;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-why-is-it-so-important\">Why is it so important?<\/h3>\n\n\n\n<p>Let me explain using an example: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><em>Rick and Karen are buying their first home and are comparing two properties. Property A is considered to be investment grade and has great growth prospects i.e. 6% p.a. growth rate. Property B is a newer property but has inferior growth prospects and barely keeps up with inflation \u2013 growing at 1% p.a. Both properties cost $750,000. Rick and Karen need to borrow $700,000. <\/em><\/p><\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><em>After 5 years of principal and interest home loan repayments, the balance of Rick and Karen\u2019s loan would have reduced from $700,000 to approximately $622,000. The value of Property A would be approximately $1 million, and Property B would be $790,000. If Rick and Karen purchased Property A, they would have $378,000 of equity. However, if they purchased Property B, would have less than half the equity i.e. $168,000. That is a substantial difference of $210,000! <\/em><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-but-it-s-how-this-difference-compounds-that-s-most-important\">But it\u2019s how this difference compounds that\u2019s most important <\/h3>\n\n\n\n<p>If in 5 years\u2019 time, Rick and Karen were contemplating\nupgrading their property to buy a larger family home, the differential in\nequity will have a substantial impact on their budget. <\/p>\n\n\n\n<p>Assuming that they want to borrow a maximum of 80% of the\nnew home\u2019s value, a deposit of $378,000 will allow Rick and Karen to spend up\nto $1.45 million (allowing for 6% for costs including stamp duty). <\/p>\n\n\n\n<p>However, a $168,000 deposit will only allow Rick and\nKaren to spend $650,000, which is less than their current property value! If\nthey buy for $1 million, they will have to borrow 90% of the value and pay for\nmortgage insurance (which will cost over $35,000!). <\/p>\n\n\n\n<p>Therefore, using this example, the difference between\nbuying the <em>right<\/em> versus <em>wrong<\/em> property could be the difference\nbetween being able to take the next step (and buy a family home), or not. <\/p>\n\n\n\n<p>It should be noted that this equity gap will continue to\ngrow. If Rick and Karen purchased Property B, they may be forced to buy their larger\nfamily home in a suburb further away from the CBD (due to budgetary\nconstraints). This will mean they will have a lower value asset that attracts a\nlower growth rate \u2013 the equity differential could be massive, as charted below.\n<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"968\" height=\"623\" data-attachment-id=\"15829\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/buying-the-right-property\/screen-shot-2021-08-02-at-4-20-07-pm\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?fit=968%2C623&amp;ssl=1\" data-orig-size=\"968,623\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Screen-Shot-2021-08-02-at-4.20.07-pm\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?fit=300%2C193&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?fit=968%2C623&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?resize=968%2C623&#038;ssl=1\" alt=\"\" class=\"wp-image-15829\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?w=968&amp;ssl=1 968w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?resize=300%2C193&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2021\/08\/Screen-Shot-2021-08-02-at-4.20.07-pm.png?resize=768%2C494&amp;ssl=1 768w\" sizes=\"(max-width: 968px) 100vw, 968px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-and-you-can-put-that-equity-to-work\">And you can put that equity to work <\/h3>\n\n\n\n<p>To make matters worse, not only will buying the right property\nhelp Rick and Karen build more equity in their home, but they will be able to\nleverage that equity to build an investment portfolio. This could include borrowing\nto buy an investment property or invest in the share market. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-should-you-buy-a-property-purely-to-make-a-quick-profit\">Should you buy a property purely to make a quick profit? <\/h3>\n\n\n\n<p>No. In order to minimise your risk, it\u2019s important to buy an <a href=\"https:\/\/wealthcoach.com.au\/stage\/makes-proprty-investment-grade\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">investment-grade<\/a> property that has sound long term fundamentals. A property that is well positioned to generate an above average capital growth rate over the long term. That must never be compromised. <\/p>\n\n\n\n<p>However, if your goal is to upgrade or invest in the\nshorter term, then it does make sense to pick a property type or location that\nis expected to deliver a reasonable amount of growth in the shorter term. <\/p>\n\n\n\n<p>This could include a number of things: <\/p>\n\n\n\n<ol><li>Picking\na property type that you expect to out-perform e.g. buying a villa unit rather\nthan an apartment (this is only an example \u2013 I\u2019m not suggesting villa units\nwill in fact out-perform, although they might in some locations); <\/li><li>Picking\na location that already has above average growth momentum. This can be more difficult\nto accurately pick, so be careful. Some investment-grade locations are more\npopular or trendy than others, and riding that momentum can be helpful; and\/or<\/li><li>Buying\na property that would benefit from cosmetic improvements. Economically\nupgrading the kitchen and bathrooms; a coat of paint and new carpets can\nsubstantially improve a property\u2019s value and \u2018create\u2019 equity. <\/li><\/ol>\n\n\n\n<p>However, the above strategies are not mutually exclusive.\nYou MUST still ensure that the property has sound, long-term fundamentals.\nThat way, if you mess up the abovementioned tactics, at least you will still\nenjoy decent growth in the long run. Plus, if you buy a quality asset, the\nchances of losing money are substantially reduced. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-buying-the-right-property-is-particularly-pertinent-for-first-home-buyers\">Buying the right property is particularly pertinent for first home buyers<\/h3>\n\n\n\n<p>The understanding that is it important to <em>buy well<\/em> is particularly important for <a href=\"http:\/\/www.firsthome.gov.au\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"first home buyers (opens in a new tab)\">first home buyers<\/a>. The reason is that first home buyers tend to have a relatively weak asset base and therefore have more to gain from creating as much equity as quick as possible. Also, they tend to have lower incomes which makes building equity via debt repayment all the more difficult. <\/p>\n\n\n\n<p>As such, making an astute decision with respect to your\nfirst property (i.e. buying well) could create a substantial amount of equity,\nin dollar terms, compared to their starting deposit and\/or income. That is, a\nfirst home buyer with a $40,000 deposit and a modest income could amass well\nover $100,000 of equity in a relatively short amount of time. <\/p>\n\n\n\n<p>This \u2018financial kick start\u2019 could catapult a young adult\u2019s\nfinancial position dramatically. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-if-you-currently-own-the-wrong-property\">What if you currently own the \u2018wrong\u2019 property? <\/h3>\n\n\n\n<p>Of course, we all make mistakes in life and that sometimes\nto extends to buying the wrong property. But all is not lost. The most\nimportant step is recognising you have made a mistake and develop a plan to fix\nit. <\/p>\n\n\n\n<p>The next step is to divest of your dud property whilst\nstill maximising its sale value. That means you don\u2019t want to give it away. But\nyou also don\u2019t want to wait 10 years before selling it either. Be realistic\nabout its current value and pick the best time within the next 1 to 3 years to\nsell it. <\/p>\n\n\n\n<p>Once you have done that, you can apply some of the ideas\nI discuss above to ensure you do not repeat same mistakes. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-this-applies-to-homes-and-investment-properties\">This applies to homes and investment properties <\/h3>\n\n\n\n<p>Where practical, I counsel my clients to apply an\ninvestment lens when selecting an owner-occupier home. Buying your home well,\nwill improve your asset base, and therefore your ability to invest to build\nwealth. <\/p>\n\n\n\n<p>I hope this blog goes some way to demonstrating how\ngenerating equity relatively quickly can catapult your investment plans. Good\nluck. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>This blog\u2019s title is a bit deceptive, because every property you buy is important, for either lifestyle or financial reasons. I contemplated using the title: \u201cwhy the first property you&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[18],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why buying the right property is so important - espically for FHB<\/title>\n<meta name=\"description\" content=\"Why buying the right property is so important. Why the next property you buy is the most important one. 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