Buying your first property can be an exciting yet daunting process. There are many factors to consider and some of those will be out of your control and your knowledge base. It is important to surround yourself with experts who can guide you and educate you along the way.
Develop good spending and saving habits early on the first property.
Once you have identified that buying first property is your focus, it is time to assess your spending patterns and recognize you can’t have your cake and eat it too. Whether you are looking to buy your first property, or your first farm, saving money should be your priority.
● Examine your spending habits – identify the things you are willing to sacrifice, and set yourself an investment plan
● Pay off any personal loans and credit card debt before you start saving to minimize interest payable
● When purchasing a vehicle question whether it really needs to be a brand new hi-lux, or should you be looking for a reliable second-hand vehicle?
● Fast track your savings by getting a second job – it’s the perfect time to knuckle down and earn some extra cash if you don’t have family or time commitments.
Be realistic about where you’re going to start.
Once you have saved that deposit, pat yourself on the back and celebrate – it is a huge achievement and one you should be proud of. Now comes the fun part of finding the right property for you.
● It is worth recognizing that you may not be able to buy in your local area. You may need to buy elsewhere to get your first start in the property market.
● It is most likely that you will not be able to initially buy your ideal property, but you can get into the bottom end of the market and use your physical ability and energy to develop or renovate the property.
● Treat each purchase as a stepping stone towards your dream property. Buy, do the hard work and obtain capital gains through the improvements and labor associated with making those improvements.
Define what you want to achieve, and then break it down into smaller steps. You can’t expect to get your dream property on your first purchase. But one day you may have a nice home, good infrastructure, and the beautiful country that you desire.
MBC Group Services can help guide you through the property journey that will get you into your dream home sooner. Call 6362 0988 to speak to one of our team of experts.