I have many cherished memories of my dear Granny and her lovely garden, filled with colourful flowers and delightful vegetable patches. We used to pick fresh peas and beans and eat them raw, straight from the vines – I still love raw peas.
My Granny had this endearing habit of reminiscing, starting her sentences with, "When I was your age..." Oh, the stories she would share! From blackberry-picking adventures with her siblings, leaving her hands and face stained with juicy purples and pinks, to going cycling with mates and getting lost. And the joy of going with friends to the "pictures" for a penny, treating herself to a drink and a bag of sweets with change to spare. Those must have been great times!
But as much as I adored my Granny's tales, I have begun to think that harping back to the "Good Old Days" is not always healthy behaviour. Especially when continually comparing how much things cost then to today. We no longer live in "those days".
The same can be said for the interest rates from yester-last-year. It's best to think that the bank rates we have now are the new normal and not wait the return of the rates of old. One way to look at the cheap interest rates of the past is to consider they were on sale, but the sale has now ended. Buying a home is , with out a doubt, harder than ever before but one small consolation for previously not borrowing money for a mortgage as cheaply as before means you won't face a huge leap in mortgage payments when the fixed period comes to an end.
For now, let's forget what happened before, set our sights on the horizon and take charge of our financial destiny! Here are some actions you can take to make homeownership a reality:
- Empower Your Financial Health: Take charge of your credit record and bid farewell to consumer debts. A tidy financial record will open doors to better opportunities.
- Embrace Flexibility: Be creative and open to compromise. Share a home with friends, explore new locations, or consider properties that need some TLC. The perfect gem might be waiting for you in unexpected places.
- Budget Smart: Minimize expenses and find ways to boost your earnings. A little financial ingenuity can go a long way in building your dream nest.
- Embrace the Challenge: Yes, buying a home might be more challenging now, but we won't wait for things to change. Instead, we take control of our destiny and work towards our aspirations.
We're all in this together, and at some point, the tides will turn. The journey might not be a walk in the park, but with determination, flexibility, and a positive attitude, you get there. Remember, the key is not to wait for change but to make change happen yourself.
Take action and you will be unlocking the doors to your dream first home much quicker than you think.