5 Inexpensive Ways to Enter the Newcastle Property Market | Hunter Valley Homes

Houses are among the most prestigious things we can buy. With homes ranging from thousands to millions of dollars, buying a property or owning a home is in Newcastle, AU is getting difficult. Fortunately, there are smart ways to find cheap homes in Australia.

Newcastle is a booming market and finding an affordable home will take time and skill, but it is possible to find a home below your price range. If you buy a house within your budget or lower than your budget, you can have the opportunity to rebuild the house as you wish. Below, we will discuss 5 inexpensive ways to own a home in Newcastle.

Understand the current market situation

The way you approach a home purchase depends mainly on the type of local real estate market you have. Since we are on the buyers’ market, you can look for a home to buy confidently.

This is because there are several homes to choose from, there are more sellers compared to buyers. Sellers will likely be competing for your attention. Also, you will have a trade advantage as sellers know that you can easily find another property if they refuse your terms.

Check all options

You can also save a large amount of money by buying a home that is inexpensive and always meets your requirements. Free standing homes are not the only option. Dual occupancy, flats and modular homes are all worth considering.

You should not focus on one type of home or neighbourhood, but focus on all the available options and compare costs. Keep in mind that buying cheap homes does not suggest buying a damaged property or buying a home in the poorer area of the city.

Buy in less expensive areas

This should be obvious - though not always preferred. In every city or town, it is known some areas are considered important while some areas are not important or not regarded highly.

Now with this, it’s important you do not purchase properties from those areas considered important because the price will be high and you may go above your budget.

So go to the areas that are not highly regarded and find a property that meets your requirement. Because you’re purchasing a home from areas that are not highly regarded does not mean that you're getting a low-quality property.

Buy land as investment before buying a house

You can get a land as an investment before you purchase a house. Purchasing a land gives you two options.

You can buy a land and keep for some time so it can get more value and you may sell it at a reasonable price which may get you a house.

You can buy a land and get a kit home and fix everything by yourself which will also limit costs.

Buy a kit home instead of a custom built home

If you want to buy a property in Newcastle at a less expensive amount, it’s important you buy a home kit instead of a custom built home.

A custom built home usually costs more. A kit home is like a custom built type of house just that they are pre-made and can be constructed by any individual.