Is one of your new year’s resolutions to buy a home? Realistically, it’ll be a bit tough to meet your resolution if you’ve yet to put aside a single penny towards it. But, if you set a timeframe, develop a plan of action, and have the perseverance to stick to the strategy, then you might just be able to call yourself a homeowner in time for the next new year’s celebrations. And here’s how.
Step 1: Meet with a financial advisor
Meet with a financial advisor who can help analyse your finances and determine whether it will be financially viable for you to achieve this goal. Part of the discussion might include cashing in any pre-existing investments and setting up an additional savings scheme that will help you achieve the required amount within the desired timeframe.
Step 2: Acquire pre-approval from a bond originator
This will prove helpful in discovering how much you qualify for on your home finance and how much you will need to set aside in addition to this to afford your purchase. Meeting with a local real estate professional will also help you get a more realistic idea of how much you will need to set aside to purchase a home that meets your requirements. They can also advise whether it will be possible to find such a property within the allotted timeframe.
Step 3: Stick to the plan
Once equipped with the knowledge of what you can afford, how much you need to save, and how long it will take to find the property, you then need to practice the self-discipline to follow through on the suggested plan. If the plan seems too daunting to stick to, then readjust your timeframe to make the goal of purchasing property more obtainable.
Final Advice
The key to purchasing property sooner rather than later is to stop talking in abstract terms and to put a concrete plan in place. Many talk about owning property as if it is an unobtainable dream that is far removed from their current reality when the truth is that it could be well within your grasp if only you put in the work and make the plans to achieve it. If you’re ready, stop delaying and start your search for property today.
