03 Oct Your First Home on a Budget
Getting into your first home can be a daunting prospect, especially when you have limited finances. Of course, thousands of people purchase their first property every day, and many do so without millions of dollars in their bank account.
So how should you approach your first home, when you are on a tight budget?
Firstly, understanding the market, and gaining access to the best opportunities is critical. Get rid of any assumptions you may have, and be open to learning from those who work in the industry every day. Real estate is one of those industries that everyone considers themselves to be an expert on, and this is not a good mindset to have when attempting to find the best opportunity for you. We have written before about the myths and misconceptions in the current Australian real estate market, and if you are falling victim to any of those, then you will most likely not be open to the right kind of opportunity.
Next, decide what is crucially important to you and your family. Is it room for the kids to play? Space for entertainment? Access to good schools? Whatever it is, make sure that your, “must have,” list is based on what you genuinely want and need, not what you think you should need. The real estate market is littered with people who, “had to live in certain areas,” and as a result their financial circumstances suffered, and the lifestyle did likewise.
Find the right opportunity, and make a decision.
The right house for you is out there, along with the best financial package. The best, of course, is the one that suits you and your family and allows you to sleep at night without stressing. Once you have found the right house, and have decided on the best financial solution, then make the decision to act. Don’t be someone who spends too long looking for something that’s even more perfect than the last property, or a deal that is even better than the last ideal package. The most important part of beginning your property journey is starting it.