Frustrated you haven’t been able to buy your first property or investment sooner!
Entering the property market is a big commitment and as a first time buyer or as first time investor you are faced with many challenges. It can be scary as a lot of money is involved and fear can stop you from buying a property. This is normal, you just need to educate yourself, surround yourself with supportive people or professionals that can help you and just take one step at a time.
Some of the issues/concerns you face are:
- The current level of the medium house/units price
- Cost of living / affordability level
- Saving for a deposit
- Obtaining approval for a loan
- Do I have a fixed/variable loan or both
- What suburb/state to buy in
- Do I live in the property or rent it out
- Shall I buy now or wait till later
- What happens if I buy now and the market changes
- Do I arrange for a strata/building inspection
- Will I get a solicitor to look at the contract for sale
- Will I buy a property via Auction or Private Treaty
- How do I deal with the agent
- How do I make offers and the list goes on.
At the end of the day there is a lot involved and if you can think back to any worthwhile goal you achieved, it required effort and hard work to achieve.
Some of my tips are:
- Make a decision to buy a property within a specific time frame and write out a detailed plan of all the things you are required to do.
- Commit to the plan and take action, say every 1-2days.
- Take a long term view on holding the property, rather than trying to time the market.
- Educate yourself by reading books, attending seminars, talking to people and joining groups.
- The most important step is to get approval for finance, so you know how much you can borrow.
To find out more tips and to educate yourself so you can buy your first property, then recommend you attend an event we are holding on Wednesday 21 March which is specifically about buying your first property or first investment.