How to go about buying a first home?

Ok, I’m a little young to start thinking about a house and hopefully will be in university housing for a while but as soon as I can I want to buy a house.

There are many reasons I want a house.

Security
Investment
Bragging Rights 😛

Anyway how would I do it?

Average small house price here is $ 200-$ 400k.

What sort of finances would that need?
How many years should I pay it off in?
Any dos or don’ts from people have been there, done that?

Any other suggestions?
As an investment property?

All answers are much more than welcome, but if you’re going to answer please put in consideration, effort and knowledge.

P.S. What would be a good income while at university if the average wage here is $ 60k?

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