Think long term

To think long term does require patience, especially if it is a first purchase as people often lose sight of what is important in the long run.  Remarks that can cloud the mind like "I don't like the kitchen, the stove is old, the wall colour is drab, does not really matter in terms of the value.  It helps in terms of offering the seller a lesser price.  Focus on the real things that add up to long term gains, ie

• the land size, location, accessibility, the drainage, the structure being solid, the roof condition, the potential.  Things you could call the "bones" of the purchase.

At worst, if the goal becomes too hard, settle for a 2-bedroom unit or townhouse; something affordable and rentable that can form a stepping stone to a future purchase a few years down the track.

When I hear young folk talking about what they would like, as opposed to what they can afford, some things do not add up; for example, the cost of living in the inner city areas when considering the land values, the overall cost for a first home buyer, it can be too tough. Attaining the real goal might take two or three intermediate steps before reaching the ultimate purchase.