Invest
Why being single shouldn’t stop you from buying property
A falling housing market and the ease of accessing credit due to changing government regulations all point to signs it’s a good time to buy property, but is it still the case if you are looking to buy as a single person?
Why being single shouldn’t stop you from buying property
A falling housing market and the ease of accessing credit due to changing government regulations all point to signs it’s a good time to buy property, but is it still the case if you are looking to buy as a single person?
In a conversation with Nest Egg, Two Red Shoes’ Rebecca Jarrett-Dalton said single investors who have the capacity to enter the property market should “dive in” and offered her top tips for those considering it.
The reason for taking the plunge, according to the mortgage broker, is that people rarely regret getting into the property market a decade after taking the plunge.
For anyone considering taking the leap, Ms Jarrett-Dalton did advise that before entering the property market, it is important for investors to have clear goals or “end goals” to ensure they choose the right style of property to buy.
“You have a different mindset if you’re thinking about investing or buying for yourself. Ultimately it depends on your long-term goal,” she said.
“It’s key to think about the end goal before even start thinking about getting in. If [an individual] can think about what their end goal is, it can help them to define what type of property they should buy and ultimately what they might want out of it,” the broker offered.
Ms Jarrett-Dalton’s top tips
Get advisers on board who are going to pay attention to you – For women especially, Ms Jarrett-Dalton said women often mention that they voice concerns that they are being overlooked or ignored in investment situations, despite women often being the key financial decision-makers, and even more obviously so when they are single.
If you suggest something and you’re told no, ask why, Ms Jarrett-Dalton stated – consider it your right to ask questions when it is your investment.
Reduce your unnecessary credit and spending – Lenders are looking at your spending habits when considering your affordability, Ms Jarrett-Dalton said. By reducing your credit limits and repaying unnecessary debt before applying for a loan, she said a potential customer will be much more attractive to lenders.
In decision-making, use your head, not your heart! Being a forward thinker is a necessity when starting a portfolio that is going to have long-term growth, the broker stated. An individual’s own taste is likely to change down the track, with trends often “as unsettled as the wind”, Ms Jarret-Dalton reminded.
Buy the best you can afford – When it comes to buying your own home, make sure to buy the best you can afford at the time, without breaking the budget, the broker said. Considering the cost of changing over property as an exercise that can cost upwards of $50,000 by the time agent fees and stamp duty are incorporated, Ms Jarrett-Dalton advised potential buyers to buy the place they will be happy to live in for long enough to justify the costs of moving.
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