Why we wait to buy our first home... and why we shouldn't
Owning your home is part of the Great Australian Dream. But like many of our biggest dreams, we often find it hard to take that first step towards making it come true. We put things off until later when we’ll have more money, more time, or more options.
Maybe you’re worried about the extra costs of home ownership. Maybe you’re holding out for your dream home. Or maybe worried you’ll make the wrong decision and invest unwisely. So you wait until you’re “ready”.
The problem with this “I’ll do it later” mentality is that the housing market won’t wait with you—by the time you feel ready, you might no longer be able to afford the house you want. But if you change your thinking to an investor mindset, and focus on the long term, you’ll feel confident taking that first step towards your goals.
So, what do we mean by “investor mindset”?
When investors start searching for property to purchase, they look for properties with a specific set of attributes that should maximise their returns. This seems like a different approach from owner–occupiers, who are often buying with their hearts and looking for something that feels like home while still being within their budget. But the two approaches aren’t incompatible at all, because investors will only realise gains if they’re buying properties that future tenants and buyers will find attractive.
You can apply this same strategic thinking to buying your first home, by recognising your investment as a key step in your long-term future goals. Recognising these home truths will help you tap into your investor mindset:
Your first home doesn’t need to be your dream home. If you can’t find your dream home or it’s currently out of your price range, buying something smaller may help you build the equity you need to upgrade to your dream home down the track.
Your first home doesn’t need to be your only home. You may use the equity to expand your portfolio of rental properties across the city, state, or country.
Your first home doesn’t even need to be your home.Depending upon your financial circumstances, you might decide it’s better to rent out your property, and live elsewhere.
Adopting an investor mindset can help you overcome your fears and doubts about buying your first property. And the sooner you start, the sooner you’ll be building equity in your first home, and empowering your future.
So, why wait? Get in touch with our friendly consultants today.
Disclaimer: The information contained in this article is for information purposes only and cannot be relied upon. You should seek professional advice tailored to your specific personal and financial circumstances.