Mortgage broker Jodi Cottle tells Belinda McCammon of NZPA that Generation Y can afford to buy property; they just have to know how.
Auckland-based mortgage broker Jodi Cottle believes there is no such thing as a bad time to buy property.
Ms Cottle (25) said she owns only one property, a far cry from the six she owned at the age of 21.
She has written a book, Young & Singles Guide to Property Investment, drawing on her trial-and-error experiences in the New Zealand property market.
After buying her first property at 19, Ms Cottle says she knows what all first-time property buyers are going through.
"The name of the book actually means new into the market and single means perhaps a couple on one income or a single person.
"My advice is just to do your homework, do some research.
"I didn't, I just jumped into properties left, right and centre, which is why I had six and I was 21."
Ms Cottle says she made mistakes, which only helped in advising clients and writing the book.
"It was not smooth sailing and I do not shy away from that in the book. Everything is laid out.
"You can see in the book what I did wrong and how I overcame it."
The book was developed from dealing with clients over the past four years, creating fact sheets which then merged into one document.
She then added her experiences about buying and selling homes and the book, filled with insider tips on how to avoid the pitfalls and what the right investment paths are for each person, resulted.
The book also explains property jargon and legal processes which home buyers need to go through.
Ms Cottle dismisses the idea that releasing a book as the housing market cools is bad timing or that owning your own home is not achievable for young people.
"All you've got to remember is it's just a cycle and you can actually get a bit of comfort from that.
"History has proven over the last 50 years that it's solid.
"I don't look at the market and think 'Oh it's a good time, it's a bad time'.
"Any time in the market is a good time, in my opinion.
"You're either going to come into the market where property prices are booming and the interest rates are cheap or you're going to come into the marketplace where the rates are high but there are loads of properties which are cheaper."
Ms Cottle blames the media for at times painting a bleak picture.
"Sometimes, such as now, it is the best time for first-time buyers to get involved in the market because they're not being pushed into making a purchase that they would be pushed into in a booming market because you would miss out."
She owns just one property now, because she is focusing on a subdivision on Foxton beach which is "sucking me dry".
She sold the other properties to help finance the development and to pay her fees in London for a course to get financial qualifications to be a mortgage broker there.
Ms Cottle sees her career as always involving the property sector.
Next month, she will travel to London, where she has an office, to give four presentations to expats on investing in property in New Zealand.
Despite her experience, she says being young and female in the industry has made her work harder to prove herself.
"I started being a broker when I was 21 and I started investing when I was 19, but I picked up things very quickly.
"Just like anything, if you're interested in it, you soak it up like a sponge."
On dealing with the first impressions prospective clients have of her, she says it was tough but after they heard her talk, her age was not an obstacle.
The biggest problem for first-time property buyers is that people don't know the questions to ask, she says.
"That's what my book is for."
With references to 100% mortgages, Ms Cottle is quick to emphasise she is not advocating any particular mortgage structure, but is laying out the options for people so they can make better decisions.
"I'm not saying that is for everyone, but the option is not bad advice if you can afford the payments and if you are buying the right property."
The biggest obstacle for Generation Y is that they are used to buying exactly what they want and getting it instantly, she says. - Belinda McCammon.
•Young & Singles Guide to Property Investment is available now.
