I’m often asked what are the most important things that I’ve learnt throughout my time of buying property, so I thought I’d share them with you.
- Set your goal. Figure out what you want and how much it will cost. Create a vision board, write it in detail in a book, visualise it. How many bedrooms and bathrooms? A “fixer-upper” or an “already done-upper”? A home or investment property? Get detailed on your goal!
- Keep your motivation high. Put your vision board somewhere you will see it every day. Break down your savings goal so that you can see that you’re getting somewhere. Keep your eye on the market so you know what’s going on.
- Don’t let a knock back stop you. If you’re knocked back on a loan, find out why and fix it. If you miss out on your dream house because you were outbid, don’t let it stop you. You’ll fall in love with another! Stand strong and make it happen.
- Run your own race. You need to just do two things: A. figure out what you want and then B. get it.
- Have a great team beside you. You’ll need a mortgage broker, a conveyancer, an independent building inspector (don’t rely on the report provided by the agent). You may also need a buyer’s agent, someone to support you bidding at auction or an investment property consultant. Have your team ready. Things tend to move fast once you get the ball rolling.
- Prepare. Do your homework on the property market and make sure you can live comfortably on your income minus the mortgage payment
- Don’t get in over your head. Don’t sacrifice your lifestyle just to own a home. If you can’t afford your dream home, decide whether you’ll settle for something less than you’d hoped for, or if you should start off with an investment property and continue renting a home is your ideal location. Mortgage stress is real. It’s draining on your finances and mental health. Don’t let that happen to you.
- When you can, buy another. Once you know you can manage the payments on one home, think about whether you can manage another. Using the equity you’ve built in your home through increase in value and paying off the debt, you have options to borrow money against your home to buy an investment property.
If you want to buy that house, set a plan and make it happen!
