Getting a foothold in the property market can be hard these days. First time buyers are more often than not couples or young families, or even siblings or groups of friends. Going solo and claiming your turf is tough, but with the right advice from our Muswellbrook Branch Manager Kylie Kendell, you’ll be collecting your keys in no time.
If you’re single and in the market for your first home, you’d be forgiven for having thin patience.
Weekend after weekend, you see happy couples and family groups submit their winning bid at auctions and open houses, secure in the knowledge that their multiple incomes can out-gun those flying solo.
Infuriating? Yes. Embarrassing? At times. Demoralising? Always.
But you needn't despair. It’s important to remember that buying your first home as a single is far from impossible. You just have to be clever in how you prepare, and keep your eyes open to opportunity. Here are my best tips for buying as a single in this market.
- Know your budget – Try to ignore the market until you know exactly how much you’ll need to spend to get what you want. Once you have a price range in mind, factor in all the associated costs in buying a home.
- Get pre-approval – Find out exactly how much you can borrow using The Greater’s borrowing power calculator. And speak to us about gaining pre-approval so that when you find the perfect place, you can make your offer with confidence.
- Align yourself with success – If you know other singles who've successfully bought their first home, ask them as many questions as your friendship will allow. Chances are they've been through the exact same situation and can give you the good word.
- Save smart for your deposit – If you’re saving for your deposit on a single income, you can use all the help you can get. Why not make your money work harder for you by opening a High Interest Savings Account like The Greater's Bonus Saver. You earn a higher rate on your savings by making multiple deposits and zero withdrawals in a calendar month. You can even open an account online.
- Think it through – Buying your first home will of course be exciting, but you should try and be pragmatic and keep and even keel. Look for a property which has strong potential for growth, while avoid places which require too much up-keep, especially if you’re going to be living on your own. Try to find a safe, low-crime neighbourhood, and keep in mind that just because you don’t need much space right now with just you under the roof, this will quickly change if a significant other or young family is on the horizon.
- Get the best deal on your Loan – Speak to a Home Loans expert, who will assess your needs and recommend the right loan for you using responsible lending practices. At The Greater, we’ve been helping Australians buy their first home for almost 70 years. Why not Make a Home Loan Enquiry today?
- Cover your assets – When you buy, you’ll have to have Home Insurance to complete the sale, but more often than not first home buyers under-estimate the level of cover they’ll need. This is a rookie error – no-one wants to be caught short when the unexpected occurs. The Greater can arrange Home Insurance through Allianz, one of Australia’s leading insurers. To see how we can help, get a quote online today.
By sticking to your guns, saving hard and striking when the iron is hot, you’ll find that the market is just as open for singles buying their first home as anyone else.
Plus, the feeling you get when you move in will be that much sweeter, knowing that what you’ve achieved off your own bat.
If you’ve got a tip for buying your first home as a single, why not leave it in the comments below?