With housing prices around the country rising faster year on year, purchasing your first home may seem bleak. Despite this, many Gen-Y’s have cracked themselves into the market and are thriving.
Below are 5 tricks and tips, which will help you plant your foot firmly inside the property market.
The number one factor in purchasing your first-property is setting a goal, and more importantly, having the ability to stick to that goal.
The reality is, property investment isn’t easy by any measure. However, if you’re motivated to own a property, have a good work ethic and a positive attitude for when things get tough, then you will no doubt be in the marketplace sooner than you first thought.
This is a step a lot of young Gen-Y investors are lacking or procrastinating.
Daniel Cohen from First Home Buyers Australia says most young Australians are severely-underinsured. If you’re planning on entering the property market, you should already have protection, make sure you include medical insurance.
It may seem like an extra-expense which will only slow you down, but if things go pear-shaped and you’re not able to work due to medical circumstances, how will you continue to make repayments?
If you’re serious about entering the property market, being able to negotiate is a mandatory skill.
Everything can be negotiated, from property price, settlement terms, home loan terms, expert fees to renovation costs.
Doing so successfully will save you money and help you get the home you want, so taking time to invest in this important skill is a must.
Buying a property (especially your first) can be quite an emotional experience. However, property experts recommend keeping your heart out of it.
You don’t want to get too emotionally involved, as you may make rash decisions which will be regretted later.
Before you make any big calls, ask yourself, is this a good business decision? If the answer is no, perhaps it’s time to start looking elsewhere.
Imagine this; you’ve found your dream property and everyone you’ve shown loves it.
However, there is one small downside, the price is a little higher than what you expected to pay.
What do you do…?
Say no. If you can’t secure the property at a within your original budget, then experts recommend walking away. If you’re not emotionally invested, this should be quite easy, allowing you to find a property which will yield a better return on your investment.