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IMAGINE BUYING YOUR FIRST HOME IN A DESIRABLE LOCATION … AND BEING ABLE TO AFFORD IT
Even though home affordability has improved slightly with lowering mortgage interest rates, first home buyers are now facing stricter lending criteria. This means you have to have a bigger deposit.
Do you feel like the sands are forever shifting?
We know how you feel.
The fact is most New Zealanders dream of owning their own home.
Home ownership has provided generations with not just a roof over their head but independence, freedom to live the way they want to, a form of compulsory saving, a sense of belonging together with what it means to be a New Zealander.
However, you may still be wondering if buying a home is the right thing to do.
Having reservations is normal, particularly in this environment.
The more you know about why you should buy a home, the less scary the entire process will be.
WHY SHOULD YOU BUY A HOME?
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Pride of ownership is the number one reason why people want to own their own home.
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Ability to personalise the property - you can paint the walls any colour you like, turn up the volume on your CD player, attach paintings and permanent fixtures to walls and decorate according to your own taste.
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Owning your home enables you to have greater control and provides important social and economic benefits.
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People who own a home tend to do better financially over their lifetime compared with those who rent, and tend to participate more in society.
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It provides you with a level of security, knowing you are laying a foundation for financial security in later life.
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Buying a home should be approached as a good, long-term investment, providing equity accumulation and personal wealth over time.
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It's about making an investment in YOUR future.
YOUR HOME BUYING OPTIONS:
So what are the options for buying your first home?
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A large lottery win or an inheritance?
What are the chances? How long will you have to wait?
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Buy a home in a less desirable area?
Even a modest home with a $350,000 loan will cost around $460 per week to pay off over 30 years. The capital gain will be less than homes in more desirable areas and you may be some distance from your work place and your social network.
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Buy a home where you want to live - with a little help from Mum and Dad with the deposit - and have flatmates?
You are probably living with flatmates already. Why not think outside the square and use the rent from flatmates and tax benefits, to help make your home purchase more affordable. Mum and Dad will even benefit too!
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At Vantage, we believe that buying a home where you want to live - with a little help from Mum and Dad with the deposit - and having flatmates, is the only realistic option for many.
So how can you buy that first home?
Click here ... to find out more about our First Home Service.
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