Image source Home Designing
As property prices continue to rise, many young professionals and perennial renters are worried they may have missed their opportunity to get onto the property market. With increased working hours, lower incomes, accompanied by the ever-rising housing market, the goal of owning their own home seems like a far stretch. A recent study from the Australian Bureau of Statistics shows that the average a full-time worker is makes around $60 000 a year.
After weekly expenses like rent, groceries, electricity, the weekly night out, and other general and leisurely costs, it’s a struggle to cough up spare savings to use as a deposit. So, if you’re a first-time buyer who’s grown weary of renting, here are quick and simple tips to buying your first home.
Understanding your lifestyle
Image source Paragon Real Estate Group
Here’s the thing, not everyone needs to be a home owner. Not everyone will be either. Our life goals, opportunities, and priorities are constantly changing. However, for the vast majority, stability is a driving and fundamental aspect of a content lifestyle. As a first time home buyer, you will need to understand your own lifestyle and where buying a house fits into the larger scheme of things. Assess benchmarks like proximity to the CBD or work, schools, waterfront or beach, lifestyle, restaurants and shops available, commute and so on. Are you starting a family? Do you need spare bedrooms? How secure are you in your career?
This will allow you to narrow down your choices, determine your place in the property market, and ultimately bring forth a decisive and realistic mindset.
Making a call to action
So you have identified positively with wanting to enter into the housing market. That’s a great start! But here’s where it gets a little tricky; most people will dwell on knowing that they want to buy at some stage but never add in a plan or ground work. It’s almost like building a house— if you want a structure, you need to start by laying down a secure and reliable foundation.
Instead of day-dreaming, set yourself a goal of the sort of property you are looking for. Would It be more convenient to find an apartment? Does starting a family mean you need a home with a bigger yard? The bottom line is knowing what you want.
Set clear and achievable goals
Once you know what you are looking for, set out a time frame for achieving your goals within a set figure. For instance, ‘I want to own my inner-city apartment by July 2021’ or ‘By August 2019, I’ll have my own 3-bedroom city fringe suburban home.’
Having a decisive goal weighed with a feasible monetary figure will allow you to break it down into smaller, more manageable goals. This will enable you to know how much you need to save on a weekly or monthly basis to own a home in a specific time frame.
Make room for adjustments
Image source Miracle Method
The property market doesn’t get any easier and sometimes life throws a few curve balls along the way. Unexpected changes may occur which may affect your ultimate goal. In times like this, it is important to breathe, reboot into a positive mindset, and learn to deal with compromise. You might need to cut back on take-out meals and or weekly Friday date nights, take up a second job, or perhaps find a smaller place that’s slightly further out.
Whatever the compromise, you will still have a clear grasp on what your end goal is and consistently take efficient steps towards owning your first home.