Plenty of chances to buy
HAVE you missed the property boat? Following exceptionally strong growth in house prices over the past two years, buyers might be asking themselves if they’ve missed their opportunity to buy. It’s understandable if you’ve been in the market for a long time and missed out on several properties. But the short answer here is no, you haven’t missed the boat. There are always opportunities and as property should always be a long-term play, a premium price paid today – within reason, won’t matter much in 10 years’ time when your home’s value has increased significantly. Sure, we’d all like to purchase in the dead of a market and ride the wave of capital growth when the cycle turns. But few people get this sort of timing right. For all of us Cairns buyers, the old adage that time in the market is more important than timing the market holds pretty true. Should I wait for prices to fall? This is a classic trap and easy to get caught in. Consider this. Our company finished last month with a record number of properties sold. This sort of sales activity isn’t going to come to a screaming halt just one month later. Property markets move slowly compared to other assets, like stocks. Matt Powe Principal, McGrath Estate Agents, Cairns FROM the time your parents gave you pocket money, you’ve been told to save.
Save your pocket money, save your birthday money, save money from your part-time job, and then they told you that you should save a portion of your wage when you scored full-time work.
When you were young, saving for a new toy, phone, iPad, car or even a holiday was relatively easier than trying to save for a deposit on your first home.
Saving for a home can be very difficult because of the amount of money that is required.
It involves budgeting, being organised and making sacrifices, and it can take a lot of time and discipline to save for a deposit.
Below are some tips to help you save enough money for a deposit on your first property.
• Budget in advance for your bills.
Ever y payday, put aside