As a mortgage broker I come across people struggling to buy a home almost every day. Their struggles tend to fall into one of three categories:
- money
- knowing what they want
- competition
If you’re struggling with money, here are some options to help:
- set up a spending & savings plan
- get a side hustle, save 100% of the earnings
- ask for help from a family member
- team up with a friend and buy together (with a legal exit agreement between you)
- change your thinking and buy somewhere cheaper, further out or as an investment.
If you’re struggling with knowing what you want:
- write a list of your must-haves and nice-to-haves
- go to some opens and see what you like and what you hate – start your list there
- think about the next 5-10 years and what you will need then as well as now
- spend time in the neighbourhoods that you’re considering – at different times of the day and check out how safe, comfortable and convenient it is
If you’re struggling with competition:
- get pre-approval on your finance so you’re ready as soon as you find that property
- organise a conveyancer so they’re ready to look over any contracts you ask for
- have a building inspector organised so that you can be reassured with an independent professional report
- get friendly with the agents – your offer will always speak louder than words, but them knowing that you’re a serious buyer and a nice respectful person will also go a long way. We always want the nice guys to win!
If you’ve been through a home buying struggle, what was it and how did you overcome it?
