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Finally committing to getting a first home

Discussion in 'Introductions' started by sleekgeek, 2nd Jan, 2016.

  1. sleekgeek

    sleekgeek Active Member

    Joined:
    1st Jul, 2015
    Posts:
    32
    Location:
    Cairns
    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
     
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  2. MsAli

    MsAli Well-Known Member Premium Member

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    Posts:
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    Location:
    Sydney, Australia
    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
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
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    5,595
    Location:
    Adelaide, SA
    Good on you for finally stepping up to the plate.

    Have you got a deposit ready? What areas are you considering?
     
  4. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
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    Location:
    Sydney & Gold Coast
    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. :)
     
  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
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    Location:
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    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
     
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  6. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    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?
     
  7. bob shovel

    bob shovel Well-Known Member

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    Somewhere in the land of Oz
    Have you considered buying an ip first? Renting can make the numbers prettier on your borrowing calcs
     
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  8. Bayview

    Bayview Well-Known Member

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    Location:
    Mornington Peninsula
    Go for it Sleek!!
     
  9. sleekgeek

    sleekgeek Active Member

    Joined:
    1st Jul, 2015
    Posts:
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    Location:
    Cairns
    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
     
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  10. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Location:
    Sydney & Gold Coast
    Keep reading while you save @sleekgeek – you'll be amazed at what will happen in the ensuing months :)
     
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  11. hobo

    hobo Well-Known Member

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  12. dstar

    dstar Member

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    Location:
    Melbourne
    Oh my god Gockie - The Reluctant Investors Lament - that is my life.
     
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  13. dstar

    dstar Member

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    6th Feb, 2016
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    Location:
    Melbourne
    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.
     
  14. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    23rd Jun, 2015
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    Location:
    Sydney, Australia
    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.
     
  15. Coota9

    Coota9 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
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    Location:
    Melbourne
    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.