Wise-cracking radio host Vaughan Smith shared some handy tips for millennials this morning, offering his advice for how to get on the Auckland property ladder.
“There seems to be one of these articles coming out every week!” he says, so he wanted to jump aboard the advice-giving bandwagon.
Here’s Vaughan’s top six helpful tips for homebuyers.
- Stop eating smashed avocado on toast
If you need a deposit of $150,000, then stop eating 10,000 smashed avocados on toasts and you'll have your deposit. Also cancel Sky. That's $80 a month. So in the year 2173 you'll be able to afford a deposit for a house in 2017.
- Have a dead person leave you some serious cash
Vaughan recalls the story about how an Auckland woman had a 10% deposit by age 20 but things got out of hand and she couldn't afford much. Then her grandfather left her $100,000 in his will. She can't touch the money until she's 30 but it was enough to convince the bank she's a safe bet.
- Live without rent for 10 years
Live rent-free with your parents for 10 years and don't pay for anything ever. Learn nothing about saving and life.
- Stop being so picky
You can get a hoarders house that's an ex meth-lab in a crime-riddled neighbourhood that floods for $800,000. What are you complaining about?
- Already own a house in Auckland
If that's not possible, go back in time. To when you were in high school and you had a job so you could afford to go places to maintain friendships that would be invaluable later in life. Don't do that. Start saving.
- Toughen up, join the army and stop complaining about house prices
Instead of buying your first home. Learn how to save first and appreciate that nothing comes easy and free without a bit of hard work. The man giving this advice made $10 million off investing in Auckland property..........starting with a wedding gift of $200,000 from his father in 2009.