What’s the secret to overcoming the big ‘C’ in property buying? In this episode, we dive deep into the art of compromising when it comes to purchasing your first home.

We unpack a recent survey by Bankwest, revealing that a whopping 78% of young aspiring homebuyers are willing to cut back on property features to secure a home. It’s a reality check that compromising is not just common; it’s essential. Whether it’s the location, property size, or specific features, something has to give.

Throughout the discussion, we highlight the three P’s: Price, Property, and Position. Every homebuyer, regardless of budget, faces the challenge of deciding which of these P’s can flex. We explore generational differences in attitudes towards compromise, noting that while Gen Z and Millennials might be more flexible, Boomers tend to stand firm on their preferences.

By the end of this episode, you’ll see that compromising doesn’t mean settling—it’s about making smart choices. Tune in to get actionable tips and a better understanding of how to balance your needs and wants.

Episode Highlights:

00:00 - Introduction

02:02 - Meighan’s special house of the week

04:20 - The three P's of property buying

05:09 - Survey insights on compromises

08:15 - Compromises on Price

12:13 - Compromises on Property features/preferences

14:18 - Compromises by generation and the underlying factors

20:00 - Advice on managing compromises in home buying

Resources mentioned in this episode:

• The Bank of Mum and Dad: Examining the Opportunities and Potential Pitfalls https://homebuyeracademy.com.au/podcasts/133
• Young West Aussie home buyers willing to sacrifice life's little luxuries https://www.bankwest.com.au/about-us/media-centre/news/young-west-aussie-homebuyers-willing-to-sacrifice-lifes-little-luxuries

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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