When you start thinking of owning your first home and considering the steps and challenges involved, it can feel like an impossible goal. There’s no getting around the fact that houses are expensive, and interest rates are high. This is sounding like a depressing intro, but stay with us!
Given the current conditions and the surrounding media, you might be surprised to hear people from all sorts of backgrounds and situations still achieve home ownership. As well as the couples starting out in their 20s and 30s, we’ve successfully worked with large families on a modest income, solo buyers and people in their 50s. Many of these people didn’t think they could own a home. But once we identified what needed to be done, they were able to take it one step at a time.
So, what do you need to do to get into your first home?
Is it really possible? Yes, but it will usually take some time and commitment. Visualise yourself in your own home, paying your mortgage rather than someone else’s rent.
What do you need to do to reach your goal? If you’re buying a house, you usually need at least a 10% deposit, which might sound pretty daunting. But there are effective tools to help people get there sooner rather than later, so inquiring into this can give you the knowledge of those tools. A mortgage adviser is a great place to start, as we can guide you in this process, provide solutions and do the legwork. It’s never too soon (or too late!) to ask for help.
Once you know what you need to do to reach your goal, you can implement a plan to get there. You might need to pay down debt, you might need to build your deposit, you might need to increase your income, but once this has been identified, then a solid plan can be put in place. Make a budget and use tools such as budget trackers, automatic payments and transfers. Most clients only need to change one or two simple things to get them on track.
Once you have a plan, believing you can do it is much easier. When you believe in yourself, you are far less likely to be distracted by the lure of an overseas holiday or a new car – the very things that will hinder your ability to buy a home. Trust that you can do it and stay focussed.
Start Now! You don’t need all the answers or even know all the questions. That’s what we’re here for! We can do this together. Contact one of our fantastic advisors today, and you’ll have taken the first step towards owning your first home.
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