So you think it’s still too early to invest? If you were born between the late 70’s and early 90’s, investments should already be a top priority. Home affordability may be a daunting issue, but with the appropriate strategy and advice, home ownership can be a reality for Generation Y investors.
Here are 5 tips that you can use to start yourself in investing on your first home:
It starts in the mind. If you are renting, chances are, you can be approved for mortgage. Review your finances and check how much you can come up for deposit. Starting with a mindset of “I can’t” will not get you where you want to go.
Seek professional help. You need to ask help from certified financial planners for they understand the market better than you. Keep an open line of communication with your adviser – let them know what you are looking for, and what you can afford.
Be patient. One you have a property in sight, understand that certain things can take time. Consult your financial adviser so that you understand what part of the process takes most time, and be patient.
Survey the area. Before looking for the perfect house, understand the potential of the area. Do your research so that you understand how much homes cost in a certain area.
Inspect wisely. Do not be afraid to ask questions when you turn up for an inspection. Look at the bigger picture – keep in mind that this is a long term investment, and it should help you build wealth, not accumulate unnecessary costs.
Read more about this on the Property Observer website.