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Buying your first home is a big deal and one of the biggest investments you will make.
There are many factors to consider when researching the suburb and type of property you’re interested in buying.
Consider whether you should buy an established home or build off-the-plan, and live in the city or suburbs.
We asked Jones Ballard Property Group director Kareena Ballard for her expert advice on the benefits of older properties.
Why buy established?
Older homes come with greater responsibility and you may need to consider renovation costs.
Some maintenance should be expected and a thorough building inspection should be conducted before you buy.
Typically, you can purchase an older property for a reasonable price near the CBD or in an inner-city suburb.
Buying and living in these areas means you’re closer to events and festivities and can cut transport costs and time to the city.
Older homes tend to sit on large blocks, making them ideal for subdivision, redevelopment or extension. Ms Ballard recommends houses built between the 1960s and 1980s, or those that lend themselves to the charm of the art deco era.
“Renovate the property by renewing kitchens and bathrooms, restoring timber floors or putting down tiles, rendering the face brickwork and painting a concrete tiled roof,” she said.
Units and villas are also a good option and there are often good buys close to the CBD.
“Older units are mostly larger than those being built new today,” Ms Ballard said.
“Ensure the building is well managed and strata maintenance is being taken care of.”
Renovating old houses in WA
It might be a dream for some to “flip” a house quickly and sell it for a higher value. But, Ms Ballard advises this concept rarely works in Perth now.
“To do this successfully, you need a rapidly rising market. A second-storey addition may work in this case if built well and quickly, the addition must blend well with the old,” she said.
You can potentially build equity by renovating over the years.
“First-home buyers could start with a property under $300,000, live in it, renovate and then move out, using the equity that has been built up as the deposit on the next purchase,” Ms Ballard said.