27yo reveals what she learnt from buying her first home in 2021

A young Aussie has revealed the reality of owning an apartment and shared there’s some “crazy fees” involved.

Alanah bought her first home in 2021 and has now realised there were “so many pros and cons to owning.”

She had a budget of $400,000 and bought the place all by herself, using money she had stowed away during the pandemic.

“All the money I saved that would have been spent on travel went towards a house after Covid,” she said.

Buying her first place wasn’t exactly a walk in the park; she said all the “paperwork” was overwhelming, and she had “no one to guide” her.

“I leant on my broker a lot and a girlfriend who had purchased a home for advice,” she told news.com.au.

Right now, Alanah lives in Los Angeles and rents her apartment in Melbourne’s beachside suburb, St Kilda.

She’s 27 now, but she was only 24 when she bought her first property.

She bought her apartment in 2021. Picture: Instagram/alanahhallam

She's glad she bought when she did. Picture: Instagram/alanahhallam

In retrospect, she’s happy she purchased it when she did, as Melbourne’s market has surged.

In April 2024, PropTrack’s latest Home Price Index shows the city’s median unit price climbed almost $18,000 (3 per cent) in the past year to $612,000.

“I’m glad I purchased when I did because I was sick of paying someone else’s mortgage off,” she explained.

Even though she’s happy with her decision, that doesn’t mean that homeownership doesn’t have its downfalls.

“I mean, I have to pay for crazy fees now for body corp and rates,” she said.

She was sick of paying rent. Picture: Instagram/alanahhallam

She said “unexpected bills” pop up. Picture: Instagram

The 27-year-old said that her body corporate fees are $2,000 a quarter, and she doesn’t look forward to paying them.

“Make sure you study your body corporation fees before buying. Always make you have stack of savings behind you in case things pop up,” she said.

“When you own an apartment, lots of unexpected bills arise that don’t even directly affect your apartment, but you still have to pay.”

She's now moved overseas. Picture: Instagram/alanahhallam

She explained there is "crazy fees" sometimes. Picture: Instagram/alanahhallam

Alanah said it can be tempting to put all your money into a mortgage, but in her experience, that is a mistake.

“Don’t spend all your savings on a house basically. Make sure you always have extra,” she said.

Now that Alanah has moved overseas, she has tenants in her apartment, which she’s very happy with, but there are also concerns that come with that.

“And have to trust I have respectful people living in my little home,” she said.

Thankfully, she’s also found it easy enough to get tenants because she bought in central Melbourne, and she’s found people always want to rent around the inner city, so she’s done the “right thing” there.

Despite the stress that comes with ownership, she’s pleased with herself for getting ahead and getting on the property ladder.

“I’m glad I did it for now. I can’t see buying a place, even though it’s only little, in the city ever being a bad idea.”

Originally published as 27yo reveals what she learnt from buying her first home in 2021