REACH YOUR NEW YEAR’S RESOLUTION TO OWN YOUR HOME
Realistically, it will be tough to meet your resolution in time for the next New Year’s celebration if your goal is to purchase property but you’ve yet to put aside a single penny towards it.
However, it might be possible for those who set a timeframe and develop a valid plan to achieve the goal within these parameters. The key is to have the perseverance to stick to the proposed strategy even when it becomes difficult to do so.
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 will include cashing in any pre-existing investments and setting up a savings scheme that will 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 and how much you will need to set aside in order to make your purchase. Arranging a meeting with a local real estate professional will also help you get a more realistic idea on how much you will need to set aside. Informed about the real-time market values, real estate professionals can advise whether you have accurate expectations about what you can afford. 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.
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.