Amy's property story: how I first entered the property market on a $45,000 salary

Are you on the hunt for the perfect property, but find yourself missing out on the ones you love? Or perhaps you’re lacking the confidence to begin making offers in the first place. Today, I’m taking you through the different ways you can overcome the challenges preventing you from finding success on your property buying journey. First things first: there is no rush to buy property, and certainly no rule saying you must buy within a certain timeframe. However, if you've been at it for over a year or even longer without much progress, it may be time to rethink your approach.So how do you change your strategy when it comes to searching for your first home? I discuss the importance of identifying the issues that are keeping you stuck in no man’s land, and encourage you to ask yourself questions in order to get to the bottom of things. Is your property brief clear and achievable? Are you adjusting your expectations and budget as the market changes? Are you being as proactive in researching or attending inspections as you possibly can be? While there are elements in the property market that are outside of your control, I take you through the different ways of thinking that will help you readjust and make the best of what you can control. I discuss the average timeframe for successfully buying a property, and guide you on what you can do to close the gap so that you’re not left wandering the market indefinitely. Cracking the property market isn’t impossible, but it does require a strategy, adaptability and a good amount of preparation. There are many free resources out there to provide you with the knowledge you need, and will give you the confidence to make better decisions that lead to better results. And remember, buyers advocates like myself are just a phone call away, if professional guidance is what you’re really after! LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook

Can you trust real estate agents? It’s the question on many first home buyers' lips and certainly one worth discussing. Real estate agents are often put in the same mistrusted category as politicians and used car salesmen, and although many of them are genuinely good people who want to help you find your dream home, it’s important to do your due diligence when entering the real estate game. The catch lies in the commission-based nature of the industry, where some agents may resort to questionable tactics to secure a sale. So in this episode, I’m highlighting the need for caution and self-reliance in your property search and uncovering some valuable insights that every homebuyer and property investor should know. Real estate agents deal with property transactions daily and possess valuable insights. In contrast, first-time homebuyers often lack the knowledge and experience to match. This information gap can breed mistrust, especially when things don't go as planned during property transactions. It's crucial to remember that clarity in communication and asking the right questions can bridge this gap and set clear expectations.If an agent misleads or makes a mistake, the consequences might only surface after you've missed out on a property. So to make sure you’re protected, it's essential to educate yourself from the beginning and ask probing questions to avoid such situations. When it comes to knowing if you can trust real estate agents, the answer is nuanced. While you can rely on agents for information related to the selling process, such as offer timing, vendor expectations, and contract details, the responsibility for due diligence ultimately falls on your shoulders. That’s why it’s so important to get an independent contract review, research property value, check council restrictions, and consult with your financial advisor for a comprehensive understanding on what you’re about to enter into. Real estate agents can provide valuable insights, but never solely rely on them for critical decisions.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook

You may have heard me compare finding the right property with online dating before. From deciding what qualities you’re looking for to knowing whether someone’s a good match, searching for a property can involve making equally overwhelming decisions. So how do you know if a property is ‘the one’? Today I’ll be guiding you through some strategies you can adopt in order to begin your property buying journey with clarity and to make your decision with confidence.Starting with the good news: while searching for a partner comes with a lot of unknowns and guesswork, there are much more tangible ways to embark on your search for the right property. I talk about the research and prep work you can do to help you make the best decision, and how things like market comparison and data can help guide you in the right direction. What property buying does have in common with dating however, is that sometimes it does rely on a little bit of that gut feel. While having a clearly defined property brief is crucial in navigating the market, I talk about how trusting your instincts or emotions when something does or doesn’t feel right is not only acceptable, but important - particularly if the property you’re buying will be your new home. I take you through some helpful strategies such as benchmarking, knowing your ‘why, when and what’ and different types of research you can do to ensure your expectations are realistic and your goals achievable. Just like with dating, there’s always a chance you’ll feel the fear of missing out on something better. However, the more informed and prepared you are, the better chance you have at being confident you’ve found the perfect match for you. LINKS:Previous episode mentioned: 10 ways buying a property is like online datingCheck out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook

In today’s episode, I share my own personal property story, which includes my journey to becoming a buyer’s agent and how I first entered the market while earning $45,000 a year. I share how in my mid-twenties, I began saving to buy a property while running my own business. Although I eventually decided to leave the business and go into real estate, I managed to save $70,000 towards a deposit while on a significantly lower income.Although I was earning a pretty modest salary as a trainee buyer’s agent, I still had a strong motivation to become a property owner. Knowing that I would need a good strategy to achieve my goal, I approached my father to act as a parental guarantor. This meant that by leveraging his equity, I wouldn’t need to contribute a deposit. Thankfully he agreed, and I was able to purchase my first property in Newport, Victoria for $400,000. While there were certain areas I desired to live in, I knew that I probably couldn’t afford to buy there any time soon. I talk about how I adopted the rentvesting strategy, which meant I could enter the property market and build equity without compromising my living preferences. Once I received a pay increase at work, my mortgage broker encouraged me to look at buying another property. This led me to purchasing my second property in Seddon, Victoria for $380,000. I explain my strategy to avoid paying stamp duty and how this enabled me to undertake $25,000 worth of renovations. Looking back at the early days of my property journey, there are definitely things I would do differently. I talk about the importance of engaging industry professionals to provide you with valuable insight and guidance as you embark on your own journey. I hope my property story is a reminder that with determination, strategy and a clear vision, you too can build the life you want and achieve all of your property dreams. LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook

There’s no question that the idea of bidding at an auction is pretty daunting - especially for first home buyers! As a professional bidder, I often see a lot of confusion amongst buyers around how much to bid, when to stop and how to keep track of the numbers. Today, I’m taking you through 5 mistakes to avoid at auction to ensure your experience isn’t so stressful, and to help you approach the process with much more confidence. One of the mistakes that I believe is most important to avoid is failing to set your auction bidding limit before the bidding starts. It's easy to think you know your limit, but when the heat of the moment arrives, decisions can get hazy. I talk about doing the prep work beforehand to determine your absolute walkaway price, so that you can bid confidently and stick to your limit without remorse.Mix-ups can happen to even the savviest bidders. During auctions, people can often lose track of where the bid is up to. This can be especially nerve-wracking if you’re an inexperienced bidder. However, I explain how taking a moment to clarify things with the auctioneer is perfectly fine, and super important if you want to stay in the game.While there are some great strategies to give yourself an edge at an auction, overthinking things can lead to unnecessary stress and confusion. For example, I’ve seen many people wait until the last minute to bid. While this might seem like a smart move, it sometimes means they’re too late and end up missing out. I discuss how coming prepared and in turn trusting yourself will put you in the best position possible.Another mistake I see buyers make is not being prepared for pass-in scenarios. This can be quite stressful if, for example, the property passes in to you and there’s pressure for you to make a quick decision. I run through how this process works, and share my advice on creating a strategy should you find yourself in this high-pressure situation.Ultimately, there is a bit of psychology at play during auctions. It’s completely fair that you might feel too nervous or second-guess yourself when it comes to making bids. That’s why I recommend turning to professionals or someone you trust to do the bidding for you. There’s no shame in reaching out for help, and if outsourcing is your best chance at success, then there’s no reason to hesitate. I hope this episode is a helpful guide and helps you step out with confidence if you’re planning to attend an auction any time soon!LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy: Website: www.thefirsthomeguidebook.com.auInstagram: @amy_lunardi_property

The idea of renovating can be daunting for a lot of people, especially when we have shows around like The Block, which make the whole process look incredibly stressful. But this isn’t always reality, and in today’s episode, I’m sharing different ways you can approach renovating to make it much less daunting. I often work with first home buyers who are decidedly against renovations, particularly when they have preconceived ideas about the stress involved. However, once I educate them on the process and share tips on what to consider, they’re often much more open-minded. When it comes to renovating a property, there are things you can change and things you can't. You can't move a house closer to the train station or change its fundamental layout. However, you can absolutely transform its look and feel. Today I focus specifically on cosmetic renovations and how they can open up many more options when looking at purchasing a property. The first step when starting the renovation journey is deciding whether you'll project manage it yourself or outsource the work. I talk about managing a renovation versus outsourcing, and the different pros and cons to consider in either situation. It’s important to assess your comfort level, time availability and whether you’re willing to get hands-on. If you’re looking to buy a property but are confused on how to calculate estimate renovation costs, I give you advice on obtaining quotes, comparing costs between companies and the different items within a space that you may be overlooking. This includes appliances, cabinetry, tapware or splashbacks.  Ultimately, a cosmetic renovation can be incredibly rewarding and present you with many more possibilities when searching for your first property. I encourage you that with some good research and a bit of education, your renovation can be a smooth process that enhances your property and your life! LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy: Website: www.thefirsthomeguidebook.com.auInstagram: @amy_lunardi_property

Navigating the journey to buying your first home can be overwhelming. The plethora of questions, from understanding property timelines to the details of a contract, can make the process seem daunting. This podcast episode takes a deep dive into three such questions, offering clarity and expert insights to first-time homebuyers. Whether you're embarking on this exciting venture or just looking for some real estate knowledge, this episode promises to be an enlightening guide.The first question I tackle is how long does it take to buy a property? This is a question many first-home buyers ponder. The answer isn’t straightforward; every buyer’s journey is unique. As a reference, a buyer's agent usually seals a deal within six weeks. However, some may take mere days, while others spend months searching for the right property.The second question is would you prefer living on a main road or 20 minutes further from work? Most people would choose the latter. Living on a main road can be noisy, polluted, and potentially unsafe for kids or pets. However, there are benefits, often including a significant price discount. I go over the pros and cons so you can make the right decision for you! But there’s a spectrum - from thoroughfare streets to bustling freeways.Properties on main roads usually come at discounted prices, often up to 20%. While you might get a property at a lesser rate, selling might prove challenging, especially in a weak market.The final question is around Section 32 which is specific to Victoria and other crucial parts of property contracts. The responsibility of understanding these falls on your legal representative so they'll inform you about potential deal-breakers and things that need further clarification. While legal experts handle the contract, it’s important to work with them and ensure you cross-verify property details. I go over the top things to keep an eye on and how to keep communication flowing! I hope you gain some valuable insights from today’s episode, and begin to feel more prepared as you start the journey of buying your home. If you’ve got questions of your own, please reach out to us and we might tackle them in a future episode! LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy: Website: www.thefirsthomeguidebook.com.auInstagram: @amy_lunardi_property

In today's episode, we hear from a 25-year-old single female who bought her first property in Lalor, Victoria, for $540,000 using the First Home Guarantee Scheme.While she had always dreamed of owning her own home and came to the point of feeling ready, she didn’t think she had the finances to get there. However, being a long-time saver and having attained an increased salary of $89,000, a mortgage broker advised her that she actually was in a financial position to begin her property buying journey. She talks about receiving many opinions from friends, family and even strangers on buying property. While the majority advised her to hold back and wait it out, she was confident in both her emotional and financial position. Trusting her gut, she moved ahead with the buying process. She initially began searching for freestanding houses in inner-city Melbourne, but quickly realised that type of property was beyond her budget. She discusses how she changed her brief and began searching for properties that were more aligned with her borrowing capacity. After attending around ten inspections and putting in four different offers, she was finally successful with the last property she went for. She talks about the confidence she gained from negotiating with real estate agents and how she stood her ground despite the pressure to offer more than she was willing to pay. She encourages buyers to start the conversation with a mortgage broker, knowing firsthand that the property buying goal could be a lot closer than expected. Her story is a testament to how getting informed, staying focused on your goals and going in prepared can help turn your property buying dream into a reality. LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy: Website: www.thefirsthomeguidebook.com.auInstagram: @amy_lunardi_property

Should you buy a property now or wait? This is a question which I get pretty much every day, and the short answer is: it depends. More specifically, it depends on what is right for you within your own personal situation.In today's episode, I unpack the two key things that should be considered when deciding whether to buy now or wait. When it comes to thinking about buying property, a lot of people first weigh up their financial position and whether they have enough to put towards a deposit. However, I talk about the importance of emotional readiness and how this is the first thing that should be assessed. What are your motivations for wanting to own property? Are they intrinsic to you, or influenced by external influences such as family or societal expectations? Knowing your true objectives for purchasing a property is crucial when taking the significant step of entering the property market.I then discuss financial readiness, and the importance of matching your property aspirations with your financial capabilities. If these two things are not in alignment, you may need to consider things like changing your expectations, improving your financial position or consider alternative strategies such as rentvesting.While emotional or financial readiness are mostly within your control, there are many things within the property market that are not. I talk about the different factors that often scare people off buying, but remind you that even the top experts’ predictions on market movements often don’t come true.I encourage you to assess your own comfort level with the different risks associated with buying a property. Would you be in a worse position if you bought a property now and its value dropped a bit, or if you waited too long and the market's supply dwindled? Staying focused on your own goals and what you’re willing to risk will help you avoid the sway of too many external factors.At the end of the day, there is no rush. If you weigh it all up and decide the time isn’t right, just wait. However, if you do decide to take the leap into property ownership, I encourage you to know your values and stick to your own intuition. It’s your journey, and your choice as to when you embark on it. You’ve got this! LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy: Website: www.thefirsthomeguidebook.com.auInstagram: @amy_lunardi_property

Everyone loves a good bargain. Whether it's scoring a discount on a new fridge or finding a great deal on a vacation, saving money is always satisfying. But when it comes to buying a property, a bargain becomes especially appealing when you know you’re about to spend a significant amount of money. In today’s episode, I’m talking about what would potentially define a bargain property and what to be aware of. While you may get lucky in stumbling across a property that’s going for less, there’s always a chance it’s a bargain for a reason.To start with, I define a bargain property as one you can purchase for significantly less, or at least a fair bit less, than what you consider to be its market value. You might want to determine market value through doing a comparable sales analysis and benchmarking that property against similar other recent properties that have sold. Alternatively, you might determine its worth against your own personal values and consider it to be less than what you’d be prepared to pay for it. Whichever way you look at it, it’s important to consider the factors that might be contributing to a property’s bargain price. I run through the four main categories that you should keep in mind:Vendor motivation - when the seller is prepared to accept a lower offer due to their personal or circumstantial factors. This is less a reflection on the property and more on the vendor’s situation.Market timing - when external events create opportunities for buyers to purchase at a discount.Luck - you might just be in the right place at the right time where, for example, a previous buyer’s finance falls through and an auction passes in to you. Property characteristics - when there are inherent issues in a property such as a less desirable location, structural issues or a need for costly renovations.I also talk about off-market properties, and how even though many buyers assume vendors will be more willing to negotiate, it’s certainly not always the case. In fact, some sellers may even demand higher prices for selling off-market.Ultimately, it’s important to know your priorities. A property that aligns with your strategy should come first. From there, you can determine whether you’re willing to pay what the seller is asking, or continue your quest in finding the property that ticks all your boxes.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook