GETTING ON THE LADDER
GETTING into the property market is not as impossible as some people think, the experts reckon you just have to be prepared to work really hard.
Buyers agent Chris Gray of Your Empire said young people should do whatever it takes to get into the market today and if that means taking a second job – do it.
“Don’t wait until tomorrow, as tomorrow never comes. You’re never going to get a perfect market of high growth, high rent, low interest rates, easy to buy and easy to borrow from the bank,” Mr Gray said.
“Get a second, third, fourth job if you need to, as a short-term sacrifice will pay you dividends in the future.’’
He also advised buyers to check out at least 100 properties before buying.
“Look at literally 100 properties before you buy as otherwise you’re not going to be educated enough into what the differences are between different properties and they’re corresponding values,’’ he said.
Property investor Nathan Birch, 31, who has just bought his 200th property, said you didn’t need to rely on family to get ahead in real estate, you just had to work hard.
He gave up going to parties, nice clothes and other luxuries to get enough money together for a deposit.
“I thought if I can sacrifice 10 years of mym life I will be able to do what I wa want when I want. I started off working two fulltime jobs – 20 hours a day, sev seven days a week,’’ he said.
Charles Tarbey, chairman of C Century 21 Australasia, believed y young buyers needed to lower their e expectations in regards to the areas th they want to buy in.
And John Symond, chairman of Au Aussie Home Loans, advised people to wo work out how much you can afford to spe spend before you even look, and only loo look at homes within your price range.
“Look at as many properties as pos possible in your price range to get an idea of what you can afford,” he said.
And John Flavell, chief of Mortgage Choice, said it was vital to build a good deposit.
“Start a good savings pattern as early as possible. Try saving 10 per cent or more of your regular income,” he said.
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