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.
This email address is being protected from spambots. You need JavaScript enabled to view it.
About the author
About the author
Property
Aussies swap housemates for home ownership
The number of younger Australians looking to enter the property market in the next five years has doubled, as COVID-19 restrictions sees home ownership goals increase, according to research released ...Read more
Property
Falling loan deferrals prove market recovery: REIA
The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. ...Read more
Property
Why are expats returning to property market?
Expats are returning to Australia in droves, eager to put their money into safe investments. ...Read more
Property
Stamp duty to be phased out under new proposal
The NSW government has stated that it could phase out inefficient taxes such as stamp duty as it looks to recover from the COVID-19 pandemic. ...Read more
Property
Melbourne rents continue to decline
While most capital cities recorded increases in asking rents, Melbourne continued to see declines in both houses and units, according to latest data from SQM Research. ...Read more
Property
Why investors should focus on the next 1-5 years
Investors are being urged to look beyond their own backyards into opportunities over the next one to five years. ...Read more
Property
Distressed sales fall to pre-pandemic levels
Urgent property sales have dropped back to pre-pandemic levels in most cities – proof of Australia’s continuous recovery from the effects of the COVID-19 outbreak. ...Read more
Property
Top tips for managing your own property portfolio
Managing investment properties can feel very much like rolling a dice, you can never be quite sure what you’re going to encounter and, in most cases, you possess minimal control over what happens ne...Read more
Property
Aussies swap housemates for home ownership
The number of younger Australians looking to enter the property market in the next five years has doubled, as COVID-19 restrictions sees home ownership goals increase, according to research released ...Read more
Property
Falling loan deferrals prove market recovery: REIA
The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. ...Read more
Property
Why are expats returning to property market?
Expats are returning to Australia in droves, eager to put their money into safe investments. ...Read more
Property
Stamp duty to be phased out under new proposal
The NSW government has stated that it could phase out inefficient taxes such as stamp duty as it looks to recover from the COVID-19 pandemic. ...Read more
Property
Melbourne rents continue to decline
While most capital cities recorded increases in asking rents, Melbourne continued to see declines in both houses and units, according to latest data from SQM Research. ...Read more
Property
Why investors should focus on the next 1-5 years
Investors are being urged to look beyond their own backyards into opportunities over the next one to five years. ...Read more
Property
Distressed sales fall to pre-pandemic levels
Urgent property sales have dropped back to pre-pandemic levels in most cities – proof of Australia’s continuous recovery from the effects of the COVID-19 outbreak. ...Read more
Property
Top tips for managing your own property portfolio
Managing investment properties can feel very much like rolling a dice, you can never be quite sure what you’re going to encounter and, in most cases, you possess minimal control over what happens ne...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
