How to buy a home in your twenties
Mar 13th, 2018 | Louis Metson
Buying your first-home isn’t easy, especially living in Wellington, New Zealand where capital growth has exceeded 33% over the past 2 years.
But don’t bring out the violin just yet, here are three quick tips for you Mr and Ms twenty something year old that will help get you on the property ladder.
Commitment: Are you truly committed to buying?
Buying a home in a Wellington market which is ultra-competitive due to high buyer demand and lack of listings means more competition for less property.
I have worked with clients who have actively bided or tendered on over 10-15 properties only to miss out by a few thousand dollars. This is naturally disheartening, but like a boxer you’ve got to be able to get off the canvas and keep on fighting.
In order to break into this market as a twenty something year old you have to be willing to commit to the entire home buying process.
It may take a year to find what you truly want, are you willing to sacrifice your Sunday’s going around open homes? Missing out numerous times at tender or auction?
This is the reality for many buyers in their 20s. Are you willing to stick it out and commit to the long term goal?
See a mortgage broker
Maximise your lending capacity through a mortgage broker.
This has to be one of my biggest pieces of advice I give to those looking to buy in their twenties.
‘Why?, I love my bank?’
Mortgage brokers are able to extract the very best rates and cash contributions from banks and 2nd tier lending institutions.
Your bank whom you may be loyal to, may not be able to offer you the very best deal in the market place. In a competitive market, every dollar counts.
Contact Sam Clemens of Mortgage Express, he’ll help you.
Work with a Real Estate agent who you trust
If you chose to go it alone, that’s up to you.
If you want help finding a home make sure you choose an agent who you like dealing with and who you trust.
Real Estate agents are trained in negotiating and guiding you through the buying process and for the biggest purchase of your life pick one that’s going to represent you with integrity.
Best of luck with your search!