The new year is a time for new beginnings.
Many set life, love, or career goals and feel inspired to make significant changes.
If purchasing a property – or at least saving for one – is on your list of new year’s resolutions, we have a few tips to help get you started.
Saving for a deposit
Let’s say you’ve never really thought about purchasing a property before. Make this new year one to start saving. Implementing an effective long-term savings solution is the first step toward home ownership. Here are a few ways to get started:
- Open a high-interest savings account, so your money works for you
- Determine how much you can put away after each paycheck – if possible, aim for 20 per cent
- Transfer money into a savings account as soon as you are paid to avoid spending it
- Be consistent, be patient, and don’t give up
Deciding when it’s the right time to buy
People decide to buy a home for a number of reasons, whether that be emotional, due to over-researching, getting caught up in property hype, because someone told them to, or panic buying the first half-decent property they view.
Most of these aren’t the wisest ways to judge whether or not right now is the perfect time to buy. Instead, it’s vital to first understand your budget – calculate this before you start looking. Then, stick to your requirements and don’t let your emotions get in the way. Remember, if a property doesn’t deliver your required outcomes, do not buy it.
Think outside of the box
If purchasing a home in an established area just doesn’t seem like a viable option for you – whether that’s due to budget restraints or the desire for more green spaces or newer homes – why not consider a house and land package or a custom build?
House and land packages and custom-built homes can often result in you securing a property that ticks all the boxes for a fraction of the price.
Prepare to achieve your goals
Whether it’s sticking to a rigid savings plan or closing on your first property, feel confident that your new year’s resolutions are achievable. With hard work, dedication, and just a little bit of patience, this new year is sure to be the very best yet.