First time home buyers are looking more and more at the real estate market in Wagga Wagga with anticipation.

Gone are the days when a city like this out in regional New South Wales would be off the charter because there is a need for families to enjoy extensive space without being confined by the limitations of major Australian cities.

However, like any opportunity that arises for investors, there will be some points of conjecture that have to be covered before approaching the real estate market in Wagga.

Understand Lending Capacity

First time home buyers have a wide array of opportunities with the real estate market in Wagga, but those possibilities are only viable if lenders are able to ensure borrowing power. Banks and lending institutions will be happy for applicants to approach them directly and acquire their credit rating. This is a ranking that informs constituents about how much they can borrow and on what terms.

Budget for Short & Long-Term Costs

The purchase of a listing will be front of mind with the real estate market in Wagga. However, it will be the balance of short-term and long-term costs that have to be calculated for constituents to have peace of mind with the investment. Think about council rates, utilities, bills and other components that will be added on top of the land and house price.

Take Note of Grants, Exemptions & Schemes

First time home buyers who are situated in regional New South Wales should be in line for certain programs that make the ownership of property far more viable. There are public schemes and incentives that are extended to community members as they seek tax exemptions, schemes and various grants from lenders and public bodies alike. This is where discussions with brokers and agencies are paramount.

Established Premises vs. Buying Off The Plan 

Clients in Wagga Wagga will be presented with one of two main options: to buy off the plan with a listing that is not yet built, or to acquire an established property. There are positives and negatives on both sides of the fence, but first time participants make the search easier for themselves when they have reflected on which scenario works best for their particular circumstances. This is a subjective call that will incorporate unique timescales and industry demands, especially when builders are factored into the equation.

Assess Wagga Wagga as a Living Environment

What kind of amenities are on show with the real estate market in Wagga? Among the many questions that couples and families should ask themselves, this is a major topic of conversation that details the viability of the first time investment. From the inclusion of hospitals and healthcare centres to schools, public transport systems, shopping centres and parks, these elements will have a significant influence over the attraction to the regional NSW city.

Determine Room to Redevelop

When first time constituents are factoring in the real estate market in Wagga, they will look at properties that are suitable for today and for premises that have scope to add further layers of value. That room for redevelopment is not always possible in highly built-up regions of the city, but there is likely room to maneuver in a growing area that is sitting on a population of 65,000 and expanding. If this room is afforded, a purchase in 2021 or 2022 might increase by major margins in 10-20 years time.

Select Right Category of Property

A general rule of thumb for any investor in the real estate market in Wagga, but particularly for first time home buyers, is to select the right category of property. From single and double story properties to co-ops, townhouses, cottages, apartments, manors, mansions, bungalows villas and beyond, these options allow buyers to find a quality fit for their budget and lifestyle.