Finally committing to getting a first home

Hello everyone.

My name is James. I've always known and read a lot about the benefits of real estate over the past few years, but now I'm 32 and still haven't bought my own home. At times I feel the fear of missing out.

I have made a personal commitment that my primary goal is to find a few areas to focus on this year with a purchase by November 2016 maybe sooner.


Thanks for reading!

James

 

Hi @sleekgeek (James)

Welcome. You've found one of the best resources on property around. There is wealth of knowledge here.

Congrats on setting the goal for yourself. We're more likely to achieve a goal once written! Any ideas where you'd be buying? That should determine your goal to save up funds. Work back to figure out the deposit and purchasing costs based on your chosen area. I assume this is for your home.

Cheers,
MsAli

 

Good on you for finally stepping up to the plate.

Have you got a deposit ready? What areas are you considering?

 

Good stuff James. Deciding is 90% of the battle.

The big question: is your first property purchase definitely going to be a home to live in, or are you open to investing first? There's lots of discussion on the pros and cons of both around here. Well worth checking out to give you a balanced overview of your options now that you've decided to get on the ladder.

 

The Reluctant Investors Lament

I hesitate to make a list

Of opportunities I have missed

Investments that were in my grip

I watch them through my fingers slip

Prime properties I should have bought

Were lost because of over-thought

I thought of this and I thought of that

I could have sworn I smelled a rat

And while I thought things over twice

Another grabbed them at the price

It always seems I hesitate

Then make my mind up much too late

A very cautious person am I

And that is why I never buy

I chose to think and as I thought

They bought the house I should have bought!

The golden chances I had then

Are lost and will never ever come again

Today I cannot be enticed

For everything's so overpriced

The deals of yesteryear are dead,

The market's soft and so's my head!

At times a teardrop drowns my eye

I had the chance, but did not buy,

And now life's saddest words I pen

If only I'd decided then

 

Welcome and congratulations for making the decision. You've made the choice. It may seem like a daunting task but with a bit of help from resources such as this forum and alot of learning you'll be well on your way. Remember, a journey of a thousand miles starts with a step.
Do you have a deposit and is there a particular area you want to buy in?

 

Have you considered buying an ip first? Renting can make the numbers prettier on your borrowing calcs

 

Go for it Sleek!!

 

I wouldn't mind going for an IP first anywhere in australia, maybe a unit. I am renting out at the moment on my own, and my girlfriend and I have spoken of being married in 4-5 years, so having an IP before then wouldn't disrupt any plans whatsoever.

This year I should be able to save up 40k as a deposit.

Thanks for your kind words everyone

 

Keep reading while you save @sleekgeek – you'll be amazed at what will happen in the ensuing months

 

Welcome, @sleekgeek, from another FNQ-er.

 

Oh my god Gockie - The Reluctant Investors Lament - that is my life.

 

James - I'm 31 and don't own yet. To be fair this year is a renters market anyway. Save hard! And make sure you've started the discussion with your girlfriend about shared financial goals for your future together. An investment property will be a great thing to bring to a marriage! Congrats.

 

Hey @sleekgeek,
Obviously the decision is yours, but keep renting and invest your hard earned $$$'s into income producing assets i.e. investment property. Also, your expenses are tax detectible unlike a PPOR. Having your own home will hit your servicing hard.

 

Well done @sleekgeek

Great that you have given yourself a goal of purchasing a property by November 2016,would suggest your share your goal with someone else you trust so they can hold you accountable to achieve this result.
Actually you have already shared your goal with all of us here I suppose.