Tips to owning your own home before you reach 30
At just 27 years old, Renee Kinsley believes she’ll have the keys to her first house in a matter of months.
Though it was always a dream for the single mother, Renee thought it may never be a reality but with a little more information behind her, she said she’s ready to take the leap.
“I’ve been looking around and there’s a lot under $200,000,” she said.
“For a single parent working full-time, I sat down and worked it out and it’s actually quite affordable,” she said.
Joanne O'Reilly from Warwick Lifestyle Property encourages more young people like Renee to look into their first home purchase now.
“In the media, there’s a lot being said about the property market being impossible but interest rates are quite low at the moment and there’s some great government incentives for first homeowners,” she said.
In Warwick, Ms O'Reilly said prices are pretty stagnant.
“For a house at around $200,000, that’s repayments of $250 a week, that’s why we got excited and decided we wanted to let people know they can do it,” she said.
Despite the struggling local economy, Ms O'Reilly doesn’t think potential homeowners should be hesitant.
“Buying a home in the long run will actually save you money and you want to get into the market as early as possible, it’s an asset and will improve in value.”
Ms O'Reilly alongside representatives from legal firms, construction companies and real estate help a first homeowners information night, which Renee enthusiastically attended.
“I think I am for sure equipped with the information to buy a home it’s out there and you just need to be informed,” she said.
But, Ms Kinsley said it has come at a cost, moving in with her mother to save rent money.
“I think you know I have had to make some sacrifices.” she said.
“I probably go out a lot less than my friends and I work a lot to save my money which means I don’t get to see my daughter as much as I might like to.”
Ms Kinsley said it will be all worth it in the end.
“To give my daughter a home, it will be such an achievement.”