Why do we have to have the bigger and better now? Why do we want to compete with the Joneses? Why do we get jealous when we see other people’s amazing lives on social media? Why do we compare ourselves to what other people have?

And how can you stop yourself doing that when it comes to buying a house?

Start by asking yourself one very important question. It’s the question that can ground you when you search for houses. It’s the question that you can use to stop your emotions taking over when you look at properties. And it’s the first question you can ask when you’re looking for property.

And that question is, da–da-da dahhh.

“Why am I buying?”

Why?

Why are you buying?

Why do you want to buy a property?

Is it because you want to buy your first home? Or is it because you want to buy a home to raise a family in? Is it because you want to give yourself a good start in life? Are you looking for an investment? Are you looking for a holiday home? Are you buying because it is cheaper than renting?

Why are you buying?

When you ask yourself why am I buying, it allows you to stop and think about what it is you are actually looking for.

If you stop to think about why you are really buying, that property you fall in love with may not seem so compelling anymore, and you may start to change tactics for what you are buying. You’ll look in areas you might not have considered before, you might lower your expectations for the inclusions you have to have, you’ll stop looking at the most expensive houses you could possibly afford, and you’ll take out some of the emotional part of buying because you’re buying for a specific purpose rather than a property you fall in love with.

If I am buying a first home, a very first home that I will ever have… does this need to be a family home? Probably not? Does it need to be a double storey? Probably not? Does it need to be big? Probably not. Does it need to be expensive? Probably not. Does it need to be in my favourite location? Probably not. Does it need to cost all the money that you can afford? Probably not.

Why put yourself through that mortgage stress?

If you are buying a first home. A first home is a first home because that is what it is. It is a first home. It already implies that you will likely buy another home. A first home… and a second home, and maybe another one after that, who knows.

So what do you look for in a first home? A first home is something you want buy, pay off quickly and move on from. The quicker you are done with your first home, the quicker you can move on to your next property. Your first home doesn’t have to be expensive. Your first home doesn’t have to have the biggest loan possible for you. It doesn’t have to be in your favourite location. Your first home is one that you can be done with quickly and move onto your next home faster. This first home, is the home that can give you a great start in life, because let’s face it, when you are looking to buy your first home, it is so hard to get into the market. But when you have a home already, even if it is very modest or small, it is easier to move in the market because you are already there with something.

So why do so many people buy massive first homes? It’s because we get caught up wanting the bigger and the better now. And then it takes us longer to pay off.

When we purchased our first home we treated it like a first home. While we knew people our age buying double storey houses, we bought a single storey. While we knew people our age buying close to their favourite locations, we bought ours in a very outer rim suburb. One that we knew we could pay off in 5 years.

Yes, of course we were definitely tempted to buy the bigger and better houses or homes in our favourite location. But we didn’t. Because we had a purpose and we had a plan. And that’s how we came to pay our home loan off in 5 years, to give ourselves a good start in life and to save hundreds of thousands of dollars in interest along the way.

Go in with a plan. Reach high and don’t take any notice of what’s happening beside you at the Joneses; just look ahead and keep swimming. Swim to your own stroke and in your own direction; you’ll thank yourself later.

Now that you are ignoring the Joneses, want to know one simple rule to paying your home loan off faster? Find out here.