The Property Academy Podcast "I Bought My First Home for $290,000" (2024) ⎥ Ep. 1900
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Nov 24, 2024 Freddie, a 20-year-old journalist, shares how he purchased his first home for just $290,000 in Blenheim. He recounts the unique experience of buying directly from the seller, discussing the challenges of negotiation without an agent. Discover how he saved $70,000 through KiwiSaver and made the strategic choice of a modest one-bedroom property for future rental potential. The hosts also highlight the importance of real-life stories and suggest working with mortgage brokers for savvy investing.
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Young Buyer Snags $290K Home
- Freddie bought a one-bedroom home in Blenheim for $290,000 at age 20 after watching local market timing.
- He credits family property conversations and diligent KiwiSaver saving for helping him get in early.
KiwiSaver Seeded By Family Help
- Freddie had nearly $70,000 in KiwiSaver by age 20 because he and his family consistently contributed.
- His parents contributed to KiwiSaver while he worked weekend jobs and chose 10% contributions early on.
Private Sale Required Multiple Drafts
- Freddie bought via a private sale and negotiated directly with the seller using multiple draft agreements.
- The seller wanted to avoid lawyer costs, which led to several back-and-forths and a longer negotiation process.