Be ready to buy a house – Maximise your money in your 30s – Day 2

Be ready to buy that house when it comes along

Have a purpose and be realistic about what you can afford
What type of property are you looking for? Is it your forever home? Or just a place for now? This will help you choose a property that aligns with your vision for the next several years. Buying a house is a significant investment, so be patient and don’t feel pressured to settle for something that doesn’t meet your needs. Likewise, be realistic about what you can afford at this stage in your life. You can always upgrade in the future as your circumstances change.

Get sorted and be ready to buy
There’s never a good time to buy a house but you can always be ready. This enables you to take the opportunity when it comes along and make it happen! A mortgage adviser can guide you through the mortgage pre-approval process and help gather the necessary financial documents and work with lenders to obtain pre-approval, which strengthens your position as a serious buyer when making an offer.

Respect money – set a budget and speak to an adviser about your options
There’s always money to be made, but it’s easy to spend and hard to make. Start tracking your expenses and challenge yourself to use cash to get a better idea of how much you’re using, how you’re spending it and where you could possibly save.

Your financial adviser can help you assess your financial situation and set a realistic budget for buying a house. They will consider factors such as your income, existing debts, and savings to determine how much you can comfortably afford for a down payment and monthly mortgage payments.

There are various mortgage options available, each with its terms and interest rates. Your financial adviser can help you compare different mortgage products and choose the one that aligns with your financial goals and long-term plans.

Wondering what the repayments will look like? The mortgage calculator on sorted.org.nz can show you. 

Buying your first home can be a fantastic investment in your future. Approach the process thoughtfully, and with careful planning, you can be ready to buy that house when it comes along!

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