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Not-so-secretly? I've longed for a place of my ownforever! And I'm not referring to the tiny kind of place that you first invade upon finishing high school, although, I've certainly lived in my share of those. No, what I've perpetually fantasized about is the idea of finding a personal, permanent dwelling, a place to beautify, a home to host cosy dinner parties at and a space to create as my own little corner of the world. But it seemed like such a distant goal, and so it was often relegated to the 'Things I Will Do One Day But Are Definitely Too Difficult/Farfetched To Think About Now' list.. until last week! If you recently read It's Friday, you may have seen that on Wednesday afternoon, my boyfriend and I made an appointment to discuss one of the things that we have ALWAYS dreamed about, but also feared due to the possible instance of being laughed out of the building.. and that is, to purchase a place of our own! We organised to meet with a loan specialist with the notion that even if we WERE met with hysterical cackling and swift rejection, we would at least be educated with more information on how to make ourselves more attractive as borrowers for the future.. but after a couple of hours of assembling documents of our savings histories, reviewing our salaries and planning our goals, we were (amazingly!) pre-approved for a home loan! Since the post, I've been called by some of my best friends, e-mailed by internet friends and conversed on Twitter about exactly how to achieve the same thing, and conquer real estate ambitions.. and here it is! My advice on how to turn a delicious dream into a magical reality:

x Ask Yourself: What Do You Want? 

A studio apartment? A two-bedroom unit? A cottage, or a five bedroom style mansion? It's important to establish EXACTLY what you're looking for, in order to begin understanding how to accomplish accumulating it! Why? Well, be cause unless you're earning a fairly hefty wage, and can afford to choose any of the above options by yourself, it may be necessary to consider enlisting the help of someone else, such as a partner, a sibling or a parent, depending on the size of the property you require. For example, if you're interested in purchasing a five bedroom style mansion, it could be very difficult to obtain a pre-approval for a loan with one income (not to mention the hardship of paying it off each month!).. however, if you decide to purchase a property with a couple of other people, it not only increases your chances of successfully borrowing, but exactly how MUCH you can borrow, too. (More information below!)

x Consider: Can You Purchase A Property With Somebody Else?

While it's possible to go it alone, and acquire a studio, one bedroom or maybe even a two bedroom apartment by yourself (depending on where you live), venturing into the property market with another person can make owning a property a lot more achievable, and MUCH less stressful. Perhaps you have a parent who's interested in investing in another property, and is willing to go 50/50 with you in terms of repayments and ownership, while you live in it, or maybe you and your sister both share the same real estate dream, and could contemplate buying a place together? Sometimes the best options are the ones that we haven't considered before, but it's also important to choose wisely when, or if, selecting somebody to share a mortgage with. Think about questions such as ''if I buy a property with a partner and we decide to break-up, what will happen with our property?'' or ''if I absolutely can't stand living with this person after a six months, what will we do?'' They can be unpleasant situations to ruminate over or discuss with someone, but if worst comes to worst, you'll be thankful that you've set some ground rules first!

x (If You Haven't Already!) Open A Savings Account & Develop A Savings History

A big aspect of a successful home loan approval is whether or not you can prove that you're able to make regular and consistent repayments, and having a savings account and making weekly contributions is a fabulous way of demonstrating this.

x Research Government Grants

Are there currently any government grants or offers that will help you in your mission? In Australia, we have a First Home Owner's Scheme whereby the government helps, as the name suggest, first home owners purchase a property.

x Evaluate Your Income

Could you benefit by taking up a second part-time job? While we all want more free time, spending a Saturday morning making coffees or a Sunday working in retail can be a lot easier to swallow when you know that it's bringing you additional income and thus, closer to exactly what you want.

And finally? Visit a loan specialist! Even if you know you're only working a few hours a week and studying part-time, or feel that you're not ready to make the commitment but remain curious, it's still a completely worthwhile experience. They'll analyze your financial information and let you know exactly where you are and potentially may need to be, and provide you with a wealth of helpful advice, regardless of whether you're eligible for a loan or not.

♥

Questions? Comments? A thought or two? While I'm the furtherest thing from a financial guru, I'll happily share anything that I know and if I don't know, I'll endeavour to find out!

xoxo

(Image thanks to goddessof4.)