What Jo Knows: First Home Buyer Advice 🗣
For first home buyers, venturing into the property market can feel like navigating uncharted waters.
Here’s distilled advice to not just enter the market, but to do so wisely and with confidence.
Pre-Approval is Key: Before dreaming of your perfect home, understand what you can actually afford. Speak with a bank or a broker to get a clear picture of your borrowing capacity. This prevents the heartache of falling in love with homes out of your budget and directs your search efficiently.
Forget the 20% Myth: The idea that you must have a 20% deposit saved up before purchasing can hinder more than help. Property prices may rise faster than you can save, making it challenging to catch up. If you're eligible for a loan with a smaller deposit, consider taking it to get your foot in the door of the property market sooner rather than later.
Set Realistic Expectations: Your first home is unlikely to be your forever home. It’s an entry point into the market. Think of it as a stepping stone that allows you to build equity and potentially upgrade in the future. This mindset shift can ease the pressure of finding the perfect home right away and opens up more practical and achievable options within your budget.
Remember, the journey to homeownership is unique for everyone. These tips are designed to empower you to make informed decisions, ensuring that your first foray into real estate is both a wise investment and a joyful milestone.
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