Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
and welcome to another episode of the real estate podcast in this episode we're going to have a look at a first home buyer now caroline is a chinese immigrant which potentially makes it a little bit more challenging for her because she is single she's on her own and she's gone through the whole process of buying a home so caroline welcome to the real estate podcast Thank you.
It's really nice to be here today. Well, I have to say my first home buying experience is quite challenging. As an immigrant here, I find that the houses are really expensive and the price is just going up day after day. There isn't a lot of choices for me within my budget. So I find it really hard to look for an ideal home for me and my son.
And I guess that's like a double whammy for you, Caroline, because you are a single woman.
Chapter 2: What challenges does Caroline face as a first-time homebuyer?
You have your son. You've got your budget. There's a lot of stresses there that you're going through in this whole process of buying your first home. Yes, I find it quite stressful. I have a full-time job. And meanwhile, I'm looking after my young son, who is only three years old, and I have a limited budget.
So I have to make sure the house that I choose is within my budget, suits my family, and also within the location that is convenient for me to travel to my full-time work. So I find that there is really not much in the market that suits my expectations. And the day after day, I couldn't find an ideal house. So I find it really challenging without the family nearby me.
So I find that there is a lack of support and I have to be on my own managing the finance and looking for houses while looking after my son at the same time. So when I started looking for the houses, the price is already very high and the market is just going up and up day by day.
And sometimes I'm expecting maybe there will be a time that the house price will drop for a little bit, then I will buy. But it never happened. So I decided not to wait anymore, just get into the market as fast as I can and to find a good house to meet my expectations. Just don't wait anymore. And I think you bring up a very good point because a lot of people do exactly what you do.
There's this expectation that the market may drop and you could be talking six months, you could be talking 12 months. In that period of time, Of course, the market has gone up and up and up and up. So what happens is that you're paying a lot more money. If there had been that point of realization right at the beginning to buy now, you would have saved money.
Yes, I totally agree with you because there is no point waiting. The market is really hot and the house price is still rising. I feel I'm really lucky that I made a correct decision to purchase my first house. And it's just certainly changed my life quality.
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Chapter 3: How does being a single mother impact Caroline's home buying journey?
I feel more secure. I feel safer. And during the lockdown, I'm less stressed working from home. Don't worry about paying the rent or negotiating with the landlord. So I'm pretty happy that I made a correct choice to buy my first home. But I'm glad I went through it and I'm now having my own house and living in a beautiful, comfortable house with my son.
And what would you say to any first home buyer that's listening to the podcast right now? What would you say to them? Your bit of wisdom and advice. I think we have careful considerations and make the decisions. If you have thought that you should buy a home, just do it and don't hesitate. It's worth the effort.
Well, I'm so glad that you've found your property and you and your son are a lot more comfortable working from home. The stress level has disappeared. And thanks so much for coming on to the Real Estate Podcast. Thank you very much, Craig. It's nice talking to you.