The property market has gone a little bit nuts over the past couple of years.
And, for many first home buyers, this gets pretty disheartening because you’re probably wondering how on earth you’ll ever get your foot in the door.
But don’t despair, you might just need to expand your thinking of what you want and how you’re going to get it…
Here’s our top tips on how to make it happen!
- Put together a really good budget and stick to your savings plan. Make sure you pay off debt and earn as much interest as you can on your savings. Sometimes saving money can seem to take forever, but keep going. You will get there!
- Expand your target area. Even look in places that you don’t particularly want to live but has high rental demand. You could still rent in your target area, and at least you will own somewhere.
- Team up with someone else to buy. This could be tricky and we recommend that you make sure you have a really good discussion about what you want from the property, including how long you want to keep it for, what your investment goals are, what if one wants to sell and the other doesn’t, etc. Once you’ve talked through all the options, get it down on paper with a solicitor. Buying with someone doubles your buying power and borrowing potential, so it’s a great option – as long as you iron out the details first.
- Ask your parent/s or long lost aunty/uncle/neighbour/fourth-cousin-twice-removed for a loan for the deposit. Again, make sure you have an agreement to pay the money back and the interest that you will be charged, and then stick to the repayment plans!
- Change your strategy to buy an investment property rather than a home. There are some great properties you can buy off the plan now that won’t be completed for a couple of years – but at least you’ve secured the purchase price and paid your deposit.
We’d love to talk to you about your plans and to help you expand your thinking.
Find a way to make it happen!
Good luck and keep your eye on the prize.
Caroline, Karen, Janet, Julianna & Clare
07 3366 8604