We’ve all spent time imagining our dream homes, especially those of us who have yet to experience the joy of owning our very first home and decking it out to look just like those perfectly set up Ikea showrooms that you pass on your way to grab some tasty Swedish meatballs.
The older you get, the more you realise that finding something that ticks all of the boxes isn’t as easy as your naivety first led you to believe. With an abundance of housing options all over Adelaide, the challenge for us first home buyers is finding a place that won’t break the bank (we love our smashed avo too much, after all) in a blooming and beautiful location, with shops, cafes, restaurants, bike-ways and parks within walking distance.
What can we say? It’s dream big or go home.
Enter Prospect—Adelaide’s hottest inner-city destination, where residents and visitors alike enjoy vibrant streets, cute and quirky stores, and an overwhelming number of trendy restaurants and cafes. You’re spoiled for choice!
If you’re anything like us, you’ll have walked the bustling, tree-lined streets wishing that this glamorous suburb was at your doorstep. What sounds better than waking up on a lazy Sunday morning and heading down the road for brunch at Sunny’s followed by a little retail therapy through boutique stores that have you fantasizing about how good those plush cushions and cosy throw rugs would look in your ideal lounge room?
There is no denying that this suburb continues to grow as a lively and exciting place to call home. With limited opportunities to get in on the housing market in the area though, it’s new developments like Prospect 1838 that are opening the doors on the area once again. Conveniently located on Churchill Road, Prospect 1838 will see 120 townhouses being built in Prospect starting in August.
The sustainable community development promises to be a combination of well-planned urban space and modern housing designs bringing new life to the area. The three and four bedroom, three-story townhouses will be part of a greater master-planned community of modern homes, some apartments and commercial offerings.
As a first home buyer, the whole process might seem super daunting, no matter how awesome the suburb sounds. So to ease your worries, we spoke to the team at Prospect 1838 about why home hunters are choosing Prospect as an area and how buying into their development benefits first home buyers. They shared with us some of the key reasons, along with some tips for those looking for their first homes!
Buying your first home is a huge milestone and there are lots of unfamiliar and, frankly, scary-sounding elements that can be quite daunting—we’re talking about you, finances. But here are the facts about buying-off-the-plan, making the whole buying process a lot less confronting:
- If you’re looking at a development with a Torrens Title, this is basically a fancy way of saying there are no common expenses and no common shared land that you’ll find in most development sites—the house is all yours. The townhouses at Prospect 1838 are sold as Torrens Title packages.
- You can save thousands on stamp duty when you buy a townhouse off the plan. For example, in today’s market, you’ll pay $20,800 on a $490,000 established home in SA. But, stamp duty on an empty block worth $200,000 block is only $6,800. Why? Because you’re only paying stamp duty on the land, not the land plus the house—so you’ll save $14,000 just on stamp duty. It’s a no-brainer!
- You may also be eligible for the First Home Owners Grant, and other Government grants which can form part of your deposit.
Still a little concerned about those finances? The Prospect 1838 team have sat down with Amanda Scott, Mortgage Choice SA/NT State Manager and picked her brains about first home buyer finance—and she’s got three great tips to help you get one step closer to that dream home:
- Save, save, save!
You’ve heard it once, you’ve heard it a thousand times, but it’ll never be truer than when you start looking for your first home. It’s really great to be able to show lenders that you have a good track record of saving so you can score a great home loan rate.
2. Get your parents involved.
(We bet you never wanted to hear that again!) Did you know your parents—or even your grandparents— can help you buy your first home? Your family can act as guarantors on your new home, saving you thousands on Lenders Mortgage Insurance. The more you can save, the better! (See tip #1!)
3. Don’t bite off more than you can chew!
You’ll probably be surprised by how much the bank will allow you to borrow but remember it’s not about how much you can borrow, rather how much you can afford to borrow and maintain your lifestyle.
So if you’re looking to buy your first home, get in touch with the friendly team at Prospect 1838 to unlock all the potential that this innovative and fashionable suburb has on offer. Easy and affordable living in a fantastic community has never been more in your reach!
For more information on Prospect 1838, find them here.