Buying a home may be stressful, but there’s a good chance that you’ll be doing it more than once in your lifetime. As your life changes, so do your home needs. You’ll need more space or less. You’ll want a better location or an up-and-coming one. If you find yourself entering a new season in life, use this guide on how you can smartly buy a home.
For First-Timers
Your starter home should be something you can live in for the next five to seven years. Since you’re still building your family during this phase, you don’t want to stretch out your budget too much. You don’t need a money pit at the fragile years of your family life. That said, be very careful in coming up with a game plan for your finances. Taking note of your income, expenses, and debts, talk to a mortgage lender about how much home you can afford. Remember the rule: your house payments, including home insurance and taxes, should be no more than 25% of your take-home income. Once your budget is all set, get ready for the property hunt. What you’re looking for is a home located in a good community, which may not be the prettiest in the neighbourhood, but has a lot of potential. The renovations you’ll do while you’re in it will add value and create equity, and would for sure help you in getting some good cash when you sell it in the future.
For Growing Families
In case you’re in that season in life when you’re planning already to expand your family and start having more kids, then your priority in home buying is the space the property provides and the kind of community the location offers. So for instance, you would have to look for a house that offers a minimum of three bedrooms, an open floor plan for easy supervision of kids, and outdoor space to let kids roam free in the afternoons. As for the location and type of neighbourhood, you want the kind that’s near good schools and one that has a lot of kids playing outside or at least in their yards. The house and land packages in Truganina may suit you well. As for your finances, just because you’ll be living in this home for most of your life doesn’t mean you should take out a bigger home loan for a bigger house. Stick to a realistic budget, all the same. The last thing you want is going house poor while paying for kids’ school.
For Empty Nesters
If your kids have already gone off to college or moved out to start their own families, then your home needs for sure have changed, too. Your family home feels too big, too cold, and too empty. To ease off the emotional (and financial) burden, downsize. Find a smaller home just right for you and your spouse. Join the tiny house movement, if you want. A one-storey house is preferable, so it will be easy for you to move around, despite physical limitations and weaknesses. Location is one thing you can’t compromise. You want to be close to places where you can shop, unwind, and get medical care. As for your financial game plan, you can use your pension benefits. Talk to lenders, too about your options.
What Kind of Buyer Are You?
You’re likely to buy a home more than once throughout your life. So as early as now, be smart and ready. Know your lifestyle priorities. Come up with a realistic budget. All the best!