Expert Tips For Financial Property Buyers By Jimmy Stepanian

One think always remembers your first property will not be your last so do not be so aspiring you are not going to live there forever. Smart first timers can soon get property investors if they use some ambition and forward planning. With some tenacity in paying down that loan coupled with boost the value of their home, they could be able to use that balance to assist with the purchase of their next property. Many people reading this blog may be thinking “I just want to get into my own home & properties, that is hard to save for”. However, if you are smart about it, this first home has the possible to become a valuable asset and in time produce passive income for you and your family.

Here is the some strategy for first home buyers who want their 1st home to become an investment, thus helping secure their financial future:

1. Have a budget and savings plan

It takes the average couple 4.2 years to save a 20 % deposit for their first home, if they save 20% of their joint income. So you need to create the habit of saving and a savings ideas if you want to buy your first home as sooner not later. The best way to develop a savings plan is to assign two weeks to keeping a detailed record of what and how you spend. Lay out all your arrival, regular bills & bank statements from those two weeks, get a coffee from the kitchen and sit down now let’s sort out your budget.

2. Avoid other consumer debt

Consumer debt is always bad debt. It is easily explained by this whatever you purchased that drops in value over time, provides no income & no tax benefits, is bad debt. In other words avoid buying a new car if your old car still works and gets you from A to B. There is no prize for keeping up impression by using bad debt!

3. Have a goal – in writing

You do not start driving without some idea of where you want to go and how you are going to get there, that is why we have street directories and GPS systems. Having clearly identified goals is the single most important step. The 2nd most important step is having the ‘road map’ to help you get there. If you know why you are saving and what you want to buy, you will find it easier to get there.

4. Seek expert and trustworthy advice

The real estate sector attracts it is fair share of people looking to make their fortune by advising you on how to get rich quick by ‘investing in property’. Real estate sales people, property crooks, marketers, sharks, spruikers, call them what you will. They generally prosper by targeting people looking for a ‘quick fix’. Let’s be clear about this, quick fixes do not work, except for the person offering it.

5. Know your finance options

As a first home buyer you will most likely find the finance area a ‘maze’, a hundred or more lenders and thousands of loan products. Be aware that there is help available, just search the MFAA website for a reliable

6. Maintain your property

Over time this will involve all fixing leaks and toilets and even replacing faulty switches, and all of this will cost you money. So the best thing you can do is ensure you have some savings that is ready for when these times arrive.

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