If you don’t own a home yet, listen up because you’ve really got to hear this.
I have people telling me all day, every day, that it’s impossible to buy a home at the moment. I’m just not going to be able to get in the market. But I meet people every day that have actually achieved it and have done the things they need to do to get to that position where they’re able to buy a home. It’s not easy. I’ll give you that.
Three things you can do to prepare
You can do things to increase your chances of getting in. If you do it, it’s going to benefit you. It will make you financially secure for the rest of your life. It’s going to give you options.
It means it will give you the equity to put a roof over your kids’ heads. You’re out of a rental. You’re not in the rent race. And it’s going to benefit you from a financial security position for the rest of your life. So here are three things you can do.
Number one, you’ve got to reduce your costs. There’s so much marketing out there. There are apps like SportsBet. There’s online shopping. There’s Uber Eats. All these things that are trying to drag your money out of your bank account. And you’ve got to put a stop to it.
The more money you can keep and put aside and save, the better off you’ll be. And the better the bank will look at you if you’re trying to buy a home.
The second thing you need to do is make sure that you’re reducing your costs. You can move back in with your parents. You can live in a share house. You can do some of these things that can reduce the amount you’re spending to live week to week.
The third thing that I recommend is trying to increase your income. It is a lot easier than it was 25 or 30 years ago to get a second job. You can drive an Uber. You can have an online side hustle. You can do other things to generate some more money. And whilst you’re young and you’ve got no kids and no commitments, it’s a great opportunity where you can work 12 or 14 hours a day to ensure you’re maximizing the amount of money you’re bringing in to put towards that home deposit.
On top of that, there are a lot of nice government schemes to help you get into the market. First home buyer grounds. Home deposit guarantees. There are all these things that you can talk to your broker about that can help you get the money together and use less of a deposit to get into the market.
You’re gonna be in a way better position than your peers, which means you’ll be financially stable for the rest of your life, which means you’ll have options that a lot of your peers won’t have in the future. It’s well worth it, and I would love to help you with the advice on how to get there.