If you are looking to get into your first home faster, there are a number of things you should consider before your journey begins.
Here are our top 4 tips to get you into your first home as quickly as possible:
1. Saving for your deposit
Make sacrifices and stay focused on your goal in order to save more or save faster for your first home. Think about when you want to be in your home and what sort of home you plan for yourself. Writing your goals down makes them real.
There are also finance packages available that require only a minimal deposit and you may be entitled to Government Grants. You could have your first home deposit before you know it. In many instances, it is better not to wait and to get in while you can.
To find out if you can get a home of your own, get started with this simple quiz.
2. Pay off your debts
If you have any debts, paying it off will not only free up some cash, but also help increase the amount of money you can borrow. Once you have your budget and have identified ways you can save for your deposit, draft a plan and speak to a broker to help you get the best mortgage rates.
3. Dream home vs First home
Be realistic about your purchase. If you have limited funds, you have to make some compromises. Purchasing your first home is about getting your foot in the door and the beauty of owning an asset such as a house means you can upgrade. Your first home is a stepping stone to your absolute dream home. Once you are in the market, it is easier to work your way up to a better location and a bigger house.
Not sure where you can live? Find out the best location that suit your lifestyle and budget.
4. Consider purchasing with someone else
If you think you can’t afford to purchase a home on your own, you could consider purchasing it with your partner, siblings or parents. Providing that the terms are clear and everyone honours their commitment, it can be a great alternative to purchasing your first home instead of renting.
Think you are ready to buy your first home? Take our online quiz and find out.