Owning property has been the long-held Australian Dream – a place to call your own with a clothesline out the back, a veranda out the front and an old rocking chair – but over the last few years it has become much more difficult to turn that dream into a reality.
Millennials have been given the rawest end of the stick. With house prices consistently rising, they’ve been effectively priced out of the market. It’s tougher to acquire property in your twenties in this day and age, but it is by no means impossible.
Here are six ways to procure your first home.
1. Get a good job that pays well
This is common sense but important nonetheless. Getting a good job should be your number one priority. Ignore the fact that education is essential to securing most well paying positions and that education in Australia is far more accessible to the upper classes. Ignore the difficulties you might face in accessing financial support while studying. Ignore whatever might hold you back in the workplace – your age, your gender, or the colour of your skin – just get out there, grab those balls by the horns and make some goddamn money! Be sure also, to enter a lucrative industry and do not even attempt to follow so-called ‘passions’. Steer clear of the arts and education industries, hospitality, healthcare, public service, social or youth work, disability support services, or any of those other idealist-type difference-making professions.
You know those luxuries that you allow yourself – clothing, electricity, toilet paper – have you ever thought about simply going without? You don’t need them! It’s a waste of precious money that could be more sensibly invested in something like say, property. Be thrifty. Every dollar is important.
3.Get Yourself a Guarantor
Do your parents own a home? Do you have a rich, eccentric uncle? Does that German second cousin of yours who found you on Facebook a couple of years ago have some assets? If so, you’ve got everything you need to enter the market! Using other people’s wealth as a bargaining chip has never been easier, and the bestest news of all is that if you default on your loan, the repercussions for you are minimal. Not only will a guarantor help you to purchase a home, but you’ll also rest comfortably knowing that you’ve contributed to the ongoing maintenance of class hierarchies and the uneven distribution of wealth. Yee-haw!
Keep an eye out for unoccupied homes in the areas you’d like to live in. Once you’ve found the right one, shack up. It’s a simple as that. After a short period of time – 12 years, to be exact – the property will be legally yours, and you’ll be free to renovate, rent it out, and do pretty much whatever the hell you want to do with it, just like this guy.
5. Lower your expectations
This may come as a shock, but your first home may not be your dream home. One day you’ll own that three-bedroom with the built in robes, the ensuites and that room dedicated solely to internet memes, but it might be out of your price range for quite some time. So start small; settle. Quit browsing real estate websites and instead, pay a visit to your local electrical goods store. Discarded refrigerator boxes make for a sensible and affordable first home.
If there’s anyone in your family that is over the age of 70, it might be a good idea to start thinking about what they’ll bequeath to you. How much money do they have? How many people will they need to divide it between? Will it be enough for a house deposit? Some quick calculations can provide a rough idea of what to expect. It also pays dividends to be extra nice to them during these relatives in this period of old age, as many are still altering their wills right up to their final days. And finally, consider how you might sabotage competing family members to encourage a last minute change of plans.
Got another tip for first home buying millennials? Let us know in the comments below!