3 habits that will get you closer to buying your first home
Homeownership is considered one of the best asset classes to build wealth and stabilise your financial future. It is also considered one of the most difficult. A combination of rising student loan debt, incompatible wage growth, rising house prices and interest rates has contributed to that difficulty.
However, in spite of this, building some consistent habits can make homeownership much more attainable. If buying a home is the goal then the following three habits are crucial to maintain.
Compromise
The ability to compromise during the buying process is important. There is no such thing as a perfect house so being able to compromise on the features that are negotiable will get you one step closer to securing your first home.
First time buyers have a habit of getting caught up in decision paralysis which leads to not making a decision at all. Consequently, missing out on a home that may not be perfect but would still meet their needs.
Discipline
When buying your first home, the ability to train yourself to work towards a goal and stay consistent is particularly critical. Having discipline can come in many forms when working towards buying your first home - saving for a home deposit, sticking to your buying timelines and working hard to evidence your ability to maintain timely payments long term will be important.
Being disciplined will ultimately enable lenders to believe you are a credible person to lend money to over the long term. The more disciplined, the more credible and the better rates and loans you will have access to.
Networking
Ever heard the saying, “your network is your net worth”? Essentially, keeping relationships with the right kinds of people can determine your net worth. Well this rings true for buying a home too. Networking with estate agents and not simply browsing on right move can be more beneficial. Building and maintaining relationships with estate agents can be beneficial as they often contact buyers with off market deals if they have a pre existing relationship and trust that you are a legitimate buyer.
Equally, do not underestimate those within your network that may not be in real estate as they may know someone who wants to sell off platform. The moral of the story; make it known to anyone and everyone that you’re looking to buy and you may be surprised at who steps forward.
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