Well, now that you’ve realised that it’s probably too late to get your beach bod back for summer, let’s focus on another New Year’s Resolution: buying your first home!
We know it can seem impossible, and the newspaper headlines won’t make it look any easier; but as we covered in a recent blog post, it is getting easier for first home buyers.
So if one of your New Year’s resolutions is to finally buy your first home; then here are a few simple steps to take, to get the ball rolling.
Half for Play – Half Away
If you want to make the most of the slow start to the year and get your foot in the door fast, then start putting away half of your pay.
This means that if you’re a couple, then try living off one of your salaries, with the other going straight into savings. Or, if you’re flying solo, try living off only half of your salary.
It may seem extreme, but if you budget right, it can be an easy way to get your deposit together – fast.
Skimp My Ride
Sure, those mag-wheels, the race-bred engine and that gorgeous paint job were all a great idea a few years back, but is it just as important now?
No one likes making a sacrifice, but when you’re chasing a bigger goal like buying your first house, sometimes it’s a necessary (and fast) way of scrounging some of your deposit together.
So have a quick think about how important your vehicle is to you (this goes double for things like jet skis, boats and bikes). If you don’t mind driving something a little slower off the start, or a little shabby around the edges; it could help you move into a stunning home sooner!
Mum, Can I Borrow Some Equity?
While the housing boom has made it harder for most first home buyers to get into the market; it’s also given existing home-owners a wonderful boost in terms of equity.
Some people will use that equity to improve their existing homes… or purchase a boat (a much poorer investment choice), but if you’re lucky enough to have parents with equity to spare; then you may find that your deposit is already covered.
It may feel like cheating, but trust us: most people would prefer to see their family living in a new home – than buy themselves a boat.
Time for a Tree Change
While the inner-city remains expensive and looks to stay that way for the foreseeable future, there are still plenty of suburbs on the rise around Sydney – only a short drive to the CBD.
So if you’re looking to get your foot in the door, and buy your first home, then take a serious look at our house and land packages in greater Sydney and the Hunter region.
From The Southern Highlands, to The Blue Mountains, and up to The Central Coast; there are still plenty of gorgeous places to start a family for much less than the cost of inner-city living – with much more space to play.
Get Your Finances in Order
As long as you didn’t punish your credit card too ridiculously over the silly season, you may be a lot closer to that deposit than you originally thought.
At Thrive Homes, it’s our mission to help people just like you to get into their dream home.
So start off with a few clicks on our mortgage calculator to see how much you can borrow.
If it’s all a bit confusing – don’t worry, we get it – just chat to one of our experts and we’ll see what we can do to help you stick to your New Year’s resolution and buy your first home.