It’s often so easy to have your plan railroaded by other people, events and activities. Then, all of a sudden you wonder what happened. Does this sound familiar?
I hear it often with people who are still waiting to buy a house.
They were waiting to see what the fall out would be after Covid – thinking it would just be an event that lasted a few months. But it went for years and it’s still going.
Then there was very little stock on the market and a whole lot of fear and uncertainty.
Then there was talk of crash, unemployment, recession, and all the other doom and gloom that we can throw at it.
Then interest rates started rising – which was met with more talk of doom and gloom.
So, in the middle of all this, you’ve totally lost sight of your plan to buy a home. Which isn’t OK if it’s something you really want or need to do.
You’ve probably also lost out on capital growth during that time.
Whilst it is really important to be aware of the environment you’re buying property in, please don’t let it paralyse you.
Instead, gather all the information you can find from reliable sources, become as informed as you can possibly be and then make a decision based on your research and information – not the fear that stops the decisions and actions.
The first step to buying a house in my opinion is always finance. Find out what your borrowing capacity is. Ask your mortgage broker to give you calculations of repayments 1, 2 and even 3% higher than the current rate. Make sure you can afford repayments at the higher rates so that it doesn’t place too much stress on you and then start looking for properties at your price point.
There are some great properties for sale right now. There is some uncertainty around prices, so if you love the home, make an offer.
You might just achieve your goal and find a new home to make your own.
