Savvy first-home buyers are entering 2023 with a spark of optimism, hoping the falling values will allow them to enter the property market in the next 12 months.
News that the Federal Reserve is slowing rate rises gives everyone reason to believe better times are ahead for buyers and sellers.
The new year is a good time to continue your focus on property ambitions, especially if you’re a young buyer seeking your first home.
Saving sufficient funds for your first home is one of life’s outstanding achievements. As we’re in the season of New Year’s resolutions, I’ve listed a handful of promises you might make to yourself in 2023 to help you achieve your property dream.
Be thrifty
Create a budget, or review your existing one, to see how much more you can save. For younger buyers, it’s often profitable to cut out a few online subscriptions, pizza deliveries and canned drinks and coffees you pick up on the go.
App for that
If you’re struggling to save at the speed you had anticipated, you should use software that will show you where you’re going wrong and where you can improve. Your budget is the map that steers you towards your goal.
Cut the card
If you’re packing a credit card or two, cut them up now. This is a super-expensive way to get credit, and it will constantly undermine your efforts. Of all the great things you can do for yourself in 2023, this is probably the best.
Centralize debts
It’s tough to stay on top of your savings program if you have money disappearing in all directions to service various debts. Talk to a lender or mortgage broker to consolidate your debts in one place ahead of seeking a mortgage.
Salary review
If you’re doing well at your current job, there’s no harm in seeking a salary review. Not only will a raise give you more money to save, but lenders will give you more credit because of your higher income.