First Home Buyer? What to expect: My ten top tips to enter the housing market like a pro (pt 2)
The world of real estate might seem like uncharted territory as a first home buyer, but you've got this! I’ll point you in the right direction to enter the property market like a seasoned pro - here are some more hot topics to do your homework on before you start house shopping!
Explore the various types of properties available
Getting familiar with all the property types before you buy is rather beneficial. Consider the pros and cons of each type of property - and potentially prepare to change your preconceived notions around ‘the Kiwi Dream’ - a standalone house with a yard doesn’t necessarily have to be your first step onto the property ladder! A townhouse or apartment could be just the ticket as your starter property.
Preparing for property ownership costs
Being aware of the property ownership costs is essential to understanding the full financial commitment of owning a property. Beyond purchase price there are ongoing expenses to take into account. A few factors to be aware of are mortgage payments, property taxes, homeowners insurance, utilities, maintenance and repairs, home renos, landscaping and any ideas you have around improving on your new property.
Build a strong foundation in financial literacy
Making those informed financial decisions is important for owning a home and managing your money effectively will make it all a breeze. Start by educating yourself, taking online courses, and understanding basic concepts like budgeting. Create that budget, manage that debt, stay informed, set goals and practise financial habits like saving regularly.
Get familiar with building and renovating
Getting familiar with building and renovating can be a valuable skill set if you’re considering homeownership, property investment or even just improving on your living space. Begin researching and learning, work on understanding the basics and start with some small projects to improve your skills - don’t be afraid to get family and friends involved too - kiwis love a working bee!
Explore the potential of property as an investment
Investing in property can be a great way to grow wealth over the long term and a rather rewarding adventure. However, there is a lot to consider, and getting a professional on board to guide you through the process can be a great idea to make sure you’re making a smart financial decision for the future. I’d love to chat with you about your goals, and see if investing in property might be right for you!
If you’re ready to hit the market for the first time and need some guidance, drop me a line and let’s talk about how we can make your dream first-home a reality!