First Home Buyers – Budgeting Your Time and Emotions

Life Personal Finance
First Home Buyers - Budgeting Your Time and Emotions

First Home Buyers – Budgeting Your Time and Emotions

This article is not about the financial ins and outs of how I bought my apartment, but more the emotional and time side of the equation. Although stay tuned! I promise that one day I will dish out all my financial goss (sounds fun doesn’t it?)

I am here to tell you that you can have your smashed avo and eat it too!

I am going to talk about the side of buying a home that no one talks about, and that is the cost to your time and emotional budget.

Now to give you a bit of background, I thought that I wasn’t busy enough having a full time job and entering my final semester of my full time degree.. so I decided to add ‘enter the real estate game’ onto my to do list. Safe to say I hardly remember that six month chunk of my life. But buying a property during my peak-of-busy-ness taught me some seriously valuable lessons when it comes to tackling the real estate industry:

1. Have an epic support system

Cliche? Yes! Effective? Hell yes! I would not have survived buying a home if it wasn’t for my beautiful mama being my support system and my sounding board. Find someone you look up to in a financial capacity (i.e. don’t rely on someone notorious for making terrible decision or that lacks experience) and cling on to them for dear life.

2. Find a (f**ing epic) mortgage broker

Some people don’t like mortgage brokers, but also some people don’t like puppies so…… can you really trust their opinion? An associate put me onto Lindy Spillman from Loan Market. Hand on my heart I can say I would be stuck renting if it wasn’t for this legend of a lady. She would take my calls (even the teary ones, see part 4) and she was by my side through the whole process. Mortgage brokers know mortgages, that is literally their freaking job so step to the side and let them get you the best freaking deal! How much does it cost? $0. The banks pay them a ‘finders fee’.

3. Do your research

I am talking R-E-S-E-A-R-C-H. Does it take time? Yes! Will you get stuck down the Google wormhole and get stuck looking at cat videos? Probably. But doing you research is super important. Research everything – the neighbourhood, the agent, the builder that built the house, the financial landscape, the surrounding suburbs, finance blogs, budgeting tools, the freaking-works. By the end of this process you should know the entire index of the world wide web.

4. You will cry

Like blubblering, nose sopping cry. And that is okay. This is the biggest, most stressful purchase you will ever make so it is completely normal to be onboard the emotional rollercoaster.

5. Qualify slow, exit fast

Okay, so this is slightly stolen from the good old HR principle of ‘hire slow, fire fast’ but it stands to reason when house hunting as well. Take your time when choosing a home, look at all the options, inspect more than once and if you happen to get a weird feeling or bad experience RUN!

6. Enjoy the process

This is like your virginity, real estate edition. You will literally never be a first home buyer again. So enjoy the freaking process. I sadly was too busy being a big ball of stress that I completely forgot to soak up the moment. Take the god damn picture in front of the sold sign. High five yourself and when that contract goes unconditional you better pop that bottle of champagne!

Thank you so much for reading, now put your phone down and go smile at a stranger,
Carly xo

Ps. Want to know more? Hit me up on my Instagram @thechroniclesofcarly