Lance Shearman shares two valuable lessons from the Boy Scouts and childbirth for improving your chances in buying your first home.
If I learnt anything from the Boy Scouts, it was to be prepared (Disclaimer: I was never actually a Boy Scout, however, they still have great words to live by!). Whether for an exam, presentation, sporting event, or if you have a house full of kids to send off in all directions the following morning, you know it is great to be organised the night before. So, when you are looking to purchase a property there is no difference.
1) Be prepared!
People who are successful in buying homes typically have their ducks in a row, finance confirmed, and solicitor locked in. They also understand that the GV may not be as helpful a guide as researching the prices of comparable properties that have recently sold. You do this and you have given yourself the best shot at owning your first home. Plus, this will also help with the next point.
2) Relax … you are supposed to be stressed!
Whoever told you that purchasing your first home would be an amazing experience is possibly the same person who will tell you that childbirth is a breeze (Disclaimer: I have never given birth, but it does look painful). Instead, you should worry (to some degree) and you should stress (at some level) and the sooner you come to peace with that the more you will relax about the highs and lows of property acquisition.
You are about to spend a whole lot of cash on something very important to you, and you will put faith in a lot of people you have possibly never met before. Buying your first home is not something you do every day. It is a big deal and important. Experts who do this every day are integral in keeping a lid on the stress levels and guiding you through step-by-step.
3) This final tip is for free
Advice from family and friends that was once helpful advice may not be so helpful today with bank policies in constant change and houses selling so fast (and often for higher than expected prices). So, do listen respectfully to the advice of friends and family, but then just confirm it with an expert. The advice might be spot on, however, it is always helpful to check with those who work in this space every day.
Lance Shearman is a Registered Financial Adviser with Velocity Financial. No investment decision should be taken based on the information in this blog alone. A disclosure statement is available free of charge upon request.