Entering into the property market is now more difficult and unaffordable than it was in years past. The cost of living, low wages and extra expenses such as schooling etc, make it extremely difficult for young families to fulfil their dream of owning their own home. So why wait? Doesn’t it make more sense to break into the property market while you’re still young, single and living at home? Entering in to the market can be more readily achieved through the use of first home ownership grants, a guarantor or purchasing an investment property with a family member or friend.
The most important step is to plan ahead. Start saving as soon as possible. Savings can even be achieved while still at school or uni and working a part time job. Do your research and find out your borrowing power. Banks are more inclined to borrow to those living at home with no debt and a full-time income. Remember to look around at different borrowers or even invest in a Mortgage Broker to help you find the best loan to suit you.
The important thing is to grasp the opportunity now while you’re in a good position and the market is favourable.