Apr 21, 2023 2:55:31 PM

Finding a New Home Requires Persistence

Topics: Home Loan, First Home Buyer, Buying and selling 0

First home buyers and existing homeowners understand first-hand the frustration and angst that comes with finding a new home. Attending property inspections and auctions week after week only to miss out on the one that you want is both exhausting and demotivating. Persistence may be a key factor to successfully buying a home, but how do you keep up the motivation when you fail every time? Here are some ways that could help.


Set realistic expectations

Finding a new home can be a complicated process that takes a long time. Mentally preparing yourself is an important first step in keeping up your morale, as it means you won’t easily be discouraged by the inevitable setbacks, knowing you’re in it for the long-haul.

Set realistic expectations, not only about how much you can afford to spend, but also about how long it may take for you to find your dream home. Think of the process as a learning experience and an opportunity to make an informed decision when the time comes about a purchase that is likely to be your biggest ever.

Define your wish list

As any home buyer will tell you, the property market can be a bewildering place, even more so as a first home buyer with limited or no experience at navigating the often-confusing processes. When the market is heated, having to make quick decisions to stay ahead of the competition can be overwhelming for many home buyers.

For clarity of purpose – and to help keep you focused on your goal and not get distracted or give up on your search - define your ideal property. Write a wish list detailing the type of property you’re looking for, the absolute dealbreakers or must-haves, and those items that are negotiable, from factors such as location, size, or amenities.

Take a break

Sometimes the frustration that comes with missing out every week leads home buyers to make rash decisions that aren’t always in their best interests. When it comes to buying a home, careful thought and consideration are absolute necessities, as a financial transaction of this nature has life-long implications.

To maintain a level head so you proceed with caution and prudence, and to help relieve stress, take an occasional break from property inspections and attending auctions. It can help restore your motivation and reset your intentions.

Learn from experience

Buying a home involves a steep learning curve, particularly for first home buyers. There’s so much to know, processes to follow, and nuances that aren’t always clear. Furthermore, all properties start to blur when you spend weekend after weekend at viewings and auctions.

It’s helpful to keep track of each property you view, including the features you liked or disliked. Record, either online or on paper, the details of properties you’ve visited or auctions you’ve attended, noteworthy features, as well as the final sales price. This will be a useful source of information that could prove to be a major advantage when it comes to negotiating against other buyers.

Work with an experienced team

Many home buyers find it hard to keep up the momentum when searching for the ideal home. The ongoing disappointment of just missing out leads many to give up, especially when faced with a heated property market and competitive buyers.

It helps to be aligned with a team of experienced, mortgage professionals, those who understand the challenges you face, and who can help keep you motivated and focused on your goals.

Contact a Mortgage Express broker today for home buying advice that will help relieve stress and ensure you stay the course over the long, but worthwhile, home buying journey.

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Australian Financial Complaints Authority (AFCA) | Member of Choice Aggregation Services.