Hot Tips To Help Gen Y Enter The Market
- May 12, 2017
- Ayda Shabanzadeh
- Property Investment Brisbane
Nowadays, everything comes at a cost. Let’s not shy away from the truth, the fact of the matter is Australia’s property market has never been more expensive. But let me be clear in saying that’s no reason for Gen Y to shy away from property investment.
Judging by the high attendance rates at The Road to Property Ownership workshop to date in Brisbane and Sydney, many others agree too. So to assist Gen Y further, below are three more tips to help make entering the market easier.
Improve Your Knowledge:
Become familiar with the property market. This can be as simple as reading property listings or following weekly auctions. You won’t become an expert overnight but at least property terminology and practices won’t seem foreign. Also leverage the knowledge of a team of experts who work in property daily. Doing so will make it easier to identify market trends, meaning when you’re ready to buy you’ll be in the best position to do so.
Spend with Caution:
Review your spending regularly. This doesn’t mean that you should cut out the fun in your life, but it’s important to keep an eye on your outgoings. If you’re honest with yourself, you’ll most likely be able to identify items you waste money on. I mean, do you really need another pair of designer shoes? It goes without saying that overspending is detrimental to accomplishing any homeownership goals that prospective investors have.
Utilise Automatic Savings:
To stop overspending, I suggest drafting up a budget that includes a section dedicated to saving a portion of your wage. If you’re in Gen Y and have a steady income, quit living week to week because you’re only hurting yourself. Setting up an automated savings account will put you on the path towards entering the property game as soon as possible for the best price because such a move eliminates the temptation of mindless spending.
Taking on these tips will undoubtedly help Gen Y navigate their way into the property market. However, these tips won’t have the desired effect if you lack commitment. You must be steadfast in your efforts to fulfill these steps if you want to achieve your homeownership goals. It takes courage to make the final leap but there’s no time better than now to begin your journey on the road to property ownership.
Ayda Shabanz is hosting The Road to Property Ownership on Tuesday May 23rd 2017 at the Rydges Hotel in Melbourne. Visit www.growevents.com.au for more information regarding the event and to register your attendance.