With the real estate market in its current condition, it is the perfect time to think about buying or planning to buy your first home in Sydney. Some experts are saying it will be some time before the market picks up again and so for those who are willing to put in some hard work towards saving a deposit, the dream of owning a home may not be so unattainable. Below, are some tips to get you there.
Be prepared to sacrifice
With savings comes sacrifice. You need to be prepared to cut back on those luxuries you may often afford yourself. These might include eating at home instead of eating out or ordering takeaways, the new pair of shoes you thought you had to have and the new piece of electronic equipment you think you can’t live without. Every little bit of cutting down will go a long way and if you don’t cut down, it will take longer to get there.
Instead, plan your weekly meals and budget better; don’t stray from your budget unless you absolutely have to and instead of buying into the latest fashion, stick with what you have just a little longer. Styles change, so those shoes will be out of fashion soon enough. Another area to sacrifice is putting away a chunk of your salary. At least 20% of your salary should be put away for savings if you are serious about reaching your goal.
Don’t wait until the last minute
Be realistic about buying a home; if you are just beginning to save then accept that it may be a couple of years before you can buy. Trying to buy too soon and scraping together a deposit at the last minute won’t do your stress levels any favours and you could miss out on better opportunities. Get your deposit together first.
Savings accounts with high interest
There are plenty of fantastic savings accounts available from all banking institutions; do your homework and find the one that best suits you. Open an account and when you start putting money in, don’t take money out. If it makes it easier to put aside, have it directly debited from your salary rather than rely on yourself to transfer it; this could put the temptation to spend in your way.
Talk to the experts
Last but not least, talk to the experts about saving and affording a home in Sydney. Naturally, enquiring with lenders and financial experts will point you in the right direction of savings accounts, shares and the different kinds of loans available.
Prudential Real Estate will also be able to offer some fantastic advice on reaching your goal of owning your dream home and then finding it with their expert assistance. If you would like to find out about reliable real estate, visit them online today.
