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A thread: Sharing 6 pieces of advice on buying real estate that I recieved at the start of my work career which have served me well. Do enjoy!
1. Buy real estate where you plan to settle for land is scarce and you'll always need somewhere to live.
2. Start investing now for your down payment. When I started out working, a typical deposit was 10% of the purchase price. Now, it is much less due to legislative changes and competitive forces in the mortgage industry. Regardless, have a robust investment plan in place!
3. As soon as you identify a property that ticks your boxes and you can afford the downpayment, BUY IT and don't pussyfoot! Locking in your purchase prevents regret and also eliminates the likely chance that housing prices will increase beyond your budget.
4. Use up your NHT benefits. ** This is a no brainer **
5. Take out a mortgage for as long as possible. The longer the period, the lower and less burdensome your payments will be. Also if your mortgage has a fixed interest rate, it means you'll lock in on your monthly payment, which will devalue in real terms due to inflation.
6. In the first 2-3 years of your mortgage, you'll struggle, probably having to resort to "tin fish in tomato sauce for dinner". Nonetheless, take pride in that you've made a commitment to owning a piece of real estate on your rock and enjoy every moment of the experience.
