There’s always lots of talk about the high price of property and how hard it is for first home buyers to get into the market – particularly in Sydney.
This may be true – but it’s not looking like it will get any easier, so if your plan is to buy property, it’s up to you to make it happen.
Here’s a few tips that could help:
- Save harder – it may sound simple, but putting a little extra aside each week does make a difference.
- Ask for a pay rise – again – sounds simple, but it’s a good place to start when you want to increase your borrowing capacity.
- Ask for a loan from a family member – if you’ve got parents, grandparents or other relatives that may be able to help with your deposit, it doesn’t hurt to ask them for a loan. They can always say no – just make sure you take the “no” graciously – or if it’s a yes, make sure you’re clear on repayment terms.
- Team up with a partner, sibling or friend and buy together – make sure you’ve got a good contract and have a clear plan from the outset, but it’s a great way to get your foot in the door.
- Buy an investment property instead – if you can’t afford to buy where you want to live, it’s time to let go of that dream – for now anyway. Get good advice on buy an investment property in an area that is set for growth. Once you’re comfortable that you can afford one, start planning for the next… and the next.
What’s it costing you to wait to buy?
Talk to me today to see your borrowing capacity and to discuss your options, 0405 113 543.
