Do you have property FOMO?

houseThe fear of missing out, also known as FOMO, is all too real for a lot of prospective property buyers.

As interest rates keep getting lower, a lot of people are feeling the pressure to get into the get into the market as soon as possible for fear that all the good deals will be snatched up if they wait too long.

Take a deep breath!

Buying a property is a huge decision (possibly the biggest financial decision you’ll ever make) and therefore it’s not one that should be rushed into.

Take your time, figure out what you want and get a decent deposit together before rushing out to buy the first property you find.

Waiting a few months or even a year is sometimes necessary to give you time to think carefully about what you want in a home and for the right property to come onto the market.

Keep in mind that buying a property isn’t like buying something from a supermarket shelf. The most suitable property might not be for sale when you start your property search and sometimes you need to watch and wait until it does.

How to speed things up

If you’re determined not to wait and want to get into the market as soon as possible then there are a few options:

Save – The more you have saved for a deposit, the more property options you will have. So find ways to scrimp and save as much as you can, even if it means cutting back on some of your current expenses for a while.

Invest first – If you can’t afford where you want to live then it could be worth looking at more affordable investment options elsewhere, and then stepping up the property ladder in the future.

Share the cost – Pool your funds with a trusted friend or family member, or if your parents are generous they might be able to help you out or go guarantor on your home loan.

Get advice – Talk to a financial expert like one of the team at Professionals Finance to assess your situation and see what your immediate options are. Sometimes a simple chat can help you see things more clearly and provide you with the information you need to get started on your house hunt.