Does the thought of owning your own home while renting feel out of reach? It doesn’t have to. These simple steps will help put the right foundations in place to start working towards securing the home you see in your future.
Align your ownership goals and financial situation
Creating an initial budget will give you a full picture of what you’re paying in rent, groceries, utilities, and recreation - even down to your morning coffee.
Knowing exactly what you are spending each day will give you a clear idea of how your home ownership goals align with the reality of your financial situation.
It will also help you to more accurately determine how much you’ll be able to put towards a deposit, and where you might have room to make some small sacrifices in your spending.
Start saving today
There are lots of ways you can cut spending and increase savings once you’ve captured where your money is going.
Consider changing your health insurance to a lower level policy temporarily, shop around with your banking and insurances, cancel memberships that aren't being used, put the holidays on hold and commit to eating at home more.
In terms of your living situation, you might choose to rent in a more affordable location temporarily to help you save more of what you’re spending on rent, or opt to live in shared accommodation if this is a suitable option.
Do the research
No good plan to transition from tenant to homeowner started without a bit of research.
Attend some open homes in the areas you’re interested in, and get a feel for the type of property you’d like to work towards.
This will help you work out exactly what price range you’ll need to budget for, and give you some real motivation towards your property goal.
Talk to the experts
Our experienced staff at Chidiac specialise in supporting first home buyers find and secure their perfect space.
Get in contact with us and we’ll help you navigate the process of transition from tenant to homeowner today.
