Four steps to help you buy a home this year
Owning a home is the Australian dream, but sometimes the light at the end of the tunnel can be hard to make out. There are important things we need to do when we set goals, and work towards them, to improve our chances of success. Here’s what you could do to get the keys to a new home this year.
Write it down
If you make a resolution – or set any goal – it’s crucial you know exactly what you want to achieve. Studies suggest the act of writing down your goals gives you a greater chance of success. It helps keep priorities top of mind and prevents you from veering off track. So how can we apply this strategy to house hunting? There are so many homes out there, but not all of them are a good fit for you and your needs. When you start looking for a new home, it’s a good idea to get your loan amount pre-approved so you know what your price range is and make a list of your preferred suburbs and house and land features. Write down all your ‘must-haves’ and use them as a checklist for every potential property you look at to help narrow down your search.
Take goal-directed steps
In order to increase your chances of success and achieve your goal, you should make sure every step brings you closer to your dream. This means being disciplined and having a realistic outlook.
When it comes to house hunting, if you want a five-bedroom house in a capital city with water views, but don’t want to pay the market price, you’ll waste time looking at properties that are out of your price range. This isn’t beneficial to your ultimate goal of home-ownership and will take you off track. Instead, stay focused on achieving your ultimate goal, by taking steps to research past sales in your area and look into vendors’ expectations and price guides to ensure the homes you’re looking at fit within your budget.
Holding yourself accountable is an important step when it comes to increasing your chance of success with achieving goals. This is why careful planning is key – particularly when it comes to finding a new home. Think about how you’re going to tackle the process of searching and inspecting. Consider your timeframe and make sure it’s practical. Set targets and milestones so you can track your progress along the way, such as getting pre-approval, attending open homes each week or bidding at auction. This will give you a sense of accomplishment and also provide an easy-to-follow framework for holding yourself accountable throughout your search.
Get good advice
There’s a wealth of knowledge about achieving goals and right up there at the top is getting good advice. When it comes to buying a home, there is a lot of information available. Read up and do some research so you’re aware of common pitfalls and how to avoid them. There’s no substitute for expert advice, so be sure to sit down with your broker and familiarise yourself with the process of home buying and how to identify what’s right for you. Remember that buying a home, like anything else, is a learning process, so don’t be afraid to ask questions and learn from mistakes – yours and other people’s!
By knowing what you want, staying focused on your ideal outcome, holding yourself accountable for your actions, and taking advantage of all the resources at your disposal, you’ll be well on your way to ticking off your New Year’s resolution and achieving your ultimate goal of home ownership.