Over 60% of first homeowners purchase property to secure their financial future
The majority of first homeowners are jumping onto the property ladder in a bid to set themselves up financially for the future, according to new data from Mortgage Choice.
In the recent First Homeowners survey, which looks at the thoughts and responsibilities of those who have purchased their first home within the last two years, over 62% said they purchased property to secure their financial future.
The survey indicated that the majority of recent first homeowners consider property to be a sound wealth strategy both now and into the future. First homeowners are a savvy bunch, they no longer see a home as merely a roof over their heads, but a lucrative asset that forms a key part of their long-term financial strategy.
Property investment often allows Australians to future proof their wealth, a fact that first homeowners seem to understand well. The survey also found that two thirds of recent first homeowners plan to keep their first home as an investment property when they are ready to buy again.
First homeowners recognise the benefits of having an investment property in their financial strategy. An investment property can be a very saleable asset and may help owners generate substantial wealth in the future. Better yet, it is critical for property investors to know the area they purchase in. If the owner has lived in the property previously, then they will know the area intimately and know what rental returns they can expect to receive.
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