Canstar asked 5 experts, including me, to share how we got on the property ladder and share what we learned from our experiences Here’s what we had...
It’s The First Home Buyers Show, where first home buyers go to watch their wealth grow.
So, first and foremost, we had a chat if you don’t remember, with Emma. Now Emma was a first time buyer and Emma has recently bought her first home at the ripe old age of 51, because she had given up with the fact that she would ever be able to buy a property.
Now, due to a certain windfall and bank of mom and dad coming in to assist, they were given the opportunity within the last couple of years to consider buying a property. And they looked everywhere around Sydney. And then they started to get laser focused, which is what you do when you have a Vision.
Get laser focused of what you want to achieve in the next year or three years. Because you need to remember, this house is not forever. They got laser focused, and they looked at what they wanted to achieve.
Next, they moved on to setting a criteria. So once they knew what they wanted to achieve, they then had, with laser focus, a criteria. Now, it took a little while to get that criteria, a lot of frustrations around what they could afford and where they needed to look, but they got rid of the areas they couldn’t afford, they decided on buying a house, and then they decided with three bedrooms.
So being crystal clear on that and on their price point got them to the area of the Central Coast. Once they got to that area, they then looked at, you know, their money management and what they needed to do to be able to afford a property going forward. Then they looked at sourcing the property, so this is all inspections.
Now, inspections are always fun when you start, but it can get really demoralising. A can of ‘V’, always helped me on my property inspections but the reality is that, you know, if you’re constantly looking day in and day out, and you’re finding things that you can’t afford or there’s not much on the market, it can be demoralising. And this is where people begin to settle. And to Emma and Ian’s credit, they stopped, they regrouped and realised that their price point was a bit too high in the suburbs they were looking, and they changed their areas.
This is sometimes what you have to do, and there’s a little bit of a grieving period that comes with it. There is so much mindset that’s actually associated with buying this first property or any property. So once they then had sourced that property, they moved on and they had done their inspections, and they got to the point where they had almost negotiated the deal, they got the price agreed, everything seemed fine.
I stepped in at that stage and insisted on a pest and building inspection, and thank goodness, as they found live active termites!
And these termites were active, it was in two points of the property. So this is where it really involved understanding whether it’s a walk away, or a leveraging situation where they could actually look at the cost of dealing with these termites and have that taken off the price of the property.
They persisted, they looked at what needed to be done, they spoke to the owner and then they negotiated. And the negotiation at that time became really, really painful as well. Now this is where a lot of people would just give up. But the tenacity and the drive of Emma and Ian kept them going, and they finally settled their property and they’re about to enjoy their four-week anniversary of being in the property.
So this The First Home Buyers Show and the interview with Emma, and it just goes to show you, you know, the journey of going from, “Hey, I’d like to buy a house” to actually settling on the property. It’s one that’s fraught with a number of decisions, can be fraught with a lot of frustrations, but if you follow the process, understand what to do every segment of the way, and that’s what we’re here to help you with, then you will absolutely Slam this!! and you will have a potential investment property in the future that renters want to rent and buyers wanna buy when it comes time for you sell.
The First Home Buyers Show – Where First Home Buyers Go To Watch Their Wealth Grow
Join us next week to discuss the art of negotiation
Here’s the link for Episode 3 Negotiations https://www.facebook.com/learnwithjaneslacksmith/videos/2801951253183362
Join me in our Group https://www.facebook.com/groups/firsthomefirstinvestment/
where I discuss this at length. Let me show you how this may not be the right solution for you.