Tag Archives: afford

10 Tips To Remember As A First-Time Home Buyer

1.Buy When YOU are ready!.
This will probably be the biggest financial commitment you will have been faced with at this stage of your life. Make sure you are psychologically ready. Don’t be pressured. Don,t buy because others tell you the time is right to enter the market. Be totally comfortable.

2. Think outside the Box.
If you are unable to afford to buy in the area of your choice. You may need to scale down the size of the home, find a larger place in a different suburb or a smaller place in a prefered suburb.

3. Look at your first purchase as stepping stone.
Your first property may not be your ideal choice but look at the big picture. In five years time, sell up and buy somewhere more desirable using the financial gain from the increase in value. (Hopefully the economy improves by then).

4. Do NOT borrow more than you can afford.
It is not just the price of the property that is in question here. That’s is only the first cost. The next cost is legal fees, bank fee’s, transaction fees, not to mention the property upkeep, and household costs. Keep the loan repayments within your means.

5. There is always another bargain around the corner.
If you miss out on a property that is great value and really tugged at you heart and feeling a little deflated. Ask any real estate agent and they will tell you there will be another property come on the market within a short time that will fit your criteria and your budget equally.

6. Don’t pay too much.
Never pay more than what the property is worth. Do your own research and understand how much similar properties in the area are selling for.

7. Keep control of your emotions.
Do not fall in love with a property that is out of reach financially, and you feel you must have it. Big mistake. Often you will overlook much-needed repairs because it is so cute and so loveable. It may need thousands of dollars of work done on it. Get a building inspector to look the place over before you make a decision. Take a friend that you know will give you an honest opinion to look at the property.

8. Be sceptical of the selling agent.
The best real estate agent will spin you the best yarn about the property. Remember they have to put food on the table and will want to make a sale to do so. It is the salesperson legal obligation to sell the property for the highest price possible. If you were selling you would expect nothing less.

9. Put a hold on the renovations.
Very tempting I know, I have been there. Hold off, don’t rush in. Give yourself time to live in the place before you attempt to make changes. Keep hold of your spare cash, if you are lucky to have some, till you are sure of what renovations you want to do. This will also help you to prioritize the work you want to do.

10. There will be light at the end of the tunnel.
Your mortgage will feel like a huge weight around your neck for the first couple of years. You will probably have to deny yourselves some treats just so you can make the payments. If you plan carefully and make those small sacrifices, after a few years more positive things begin to happen and you will be grateful for your prize possesion.

Leave a comment

Filed under Articles

Personal Financial Management.



“The safest way to double your money is to fold it
over and put it in your pocket.” —Kin Hubbard.

There are many ways to save on a personal level. You
need to remember your goal at this stage is to simplify
your life, get out of debt, and live less stressfully.

The suggestions below may not make your life less stressful
immediately. Eventually when you get the results from
this extra effort, peace of mind will be accomplished.

The most important thing you must understand about
personal financial management is this: SPEND LESS
THAN YOU EARN! It sounds simple, but simple is not always easy.

Spending Habits

“Never spend your money before you have it.”
—Thomas Jefferson

If you want to live Simply Fantastic: Living Better on Less,
then you have to start seriously examining how you are spending your money.

The following simple exercise will help you to focus on your true objective.
From now on each time you want to spend money ask these questions first.

If You’re Broke

1. Do I need it?

2. Can I afford it?

3. Have I checked if it’s cheaper anywhere else?

If You’re Not Broke, But Need To Budget

1. Will I use it?

2. Is it worth it?

3. Have I checked if it’s cheaper anywhere else?


Leave a comment

Filed under Articles

Save Big on Furniture, Fabrics, Floors and More

Get the best insider tips on indoor upgrades for the fall.

As long as you are not using your credit card to do any upgrades and it is really necessary these tips are very useful.

Your intention may be that you are going to sell your apartment or house. Remember you will not recoup the money spent on upgrading your house, when you sell it.

REALTORS survey in 2008 said home owners could expect to recoup a US national average of 67.3 percent of their investment on home improvements. At the height of the housing boom in 2005 they recouped a national average of 86.7 percent.

It is now 2009 so the average will not get better.

So my advice is to think twice before you spend the dollar on upgrades if you really can’t afford it.

There is an article in my Book: Simply Fantastic: living better on less, pages 40 – 41 that covers this subject.


Leave a comment

Filed under Articles