For many young couples, the ultimate long term goal is to settle down with a family, in a home to call their own. There is nothing quite like the feeling of coming home from a day at work, to a house you can proudly claim to be all yours. With home ownership comes much freedom; to completely customise and change the home as you please, with no landlord standing in your way. With home ownership also comes great resonsibility, and it is a decision that should not be taken lightly. Home ownership is one of the biggest commitments you will undertake in your life, and can also be one of the most rewarding. Although there are many financial risks when purchasing your first property, if done at the right time and for the right reasons, the benefits can make it all worthwhile.
The reality for most couples is there is never going to be the exact right moment, to be the lucky one to whom the real estate agent points to while yelling “SOLD!”, but before you dive into home ownership, there are a few questions you most certainly must ask yourself before you commit.
Do your research, work out your finances, and if the answers you come up with to these questions work in your favour, then maybe now might be the right moment to take the plunge.
The age old expression sung by real estate agents has always been 'location, location, location'. The interior of your home can be forever changing, but the location cannot. For most, obviously the biggest issue when it comes to buying property is budget. That little six letter word will be at the forefront of your mind, whenever you ask yourself any questions regarding buying real estate. Do you want to live in the city? Or the country? Either way, location is everything. Before you really start shopping around, consider the area you would like to live. Can you see yourself here in 10, 20 years? Is it an up-and-coming area? Is there infrastructure close by? How about future infrastructure? Do your research on areas and suburbs, and weight up the pros and cons of each, before you start looking for particular houses.
So you've found a house that looks suitable, but have you really considered how much work needs to be done? Many first home buyers see a property they like, and tend to glorify the negative aspects of the house itself. Be realistic, and determine whether the work load is right for you. If you are willing to get your hands dirty, and do a lot of the work yourself, then you have a better opportunity to haggle the price, as you might have more of the upper hand than you think.
With any home, in particular those that are larger or older, comes the dreaded task of maintaining the property. Large yards need to be mowed, an abundance of trees means an abundance of leaves come autumn, and with an old home, comes potential repair jobs in the future. All important considerations.
For many young couples in the market for their first home, the next step after buying the house, is filling it with kids. This means the size of the home is crucial. How many kids do you plan on having? How much room can you allow them? Does the property have a yard? Al these factors need to be weighed up against that keyword mentioned earlier, your budget.
No home upon purchase is going to be exactly how you want it to be. There is always little bits that could be added or changed. It is at this stage you must ask yourself what is absolutely essential? The number of bedrooms, the number of bathrooms; do we really need the massive living area? is the pool essential? Once you have considered what must be already included in your home, you can then begin the hunt for your first home with your estate agent, and will have already saved time and energy by knuckling down the essentials.
With buying your first home being such a large step, we hope we have pointed you in the right direction, and helped you on the way to becoming another happy and successful first home buyer.