Tips To Ensure Your First Home Sets You Up For The Future

Your first home is a major investment, and you want to be sure that the choice you make isn’t just right for today, but also for the future you are planning. Here are some tips that we found useful to ensure your first home sets you up for the future:

1. Know your budget- Look at your income and expenses now but also think about how they may change in the future. You may get a pay rise, which eases your financial position, but if you’re planning to have a family, or to expand the family you already have, how will that affect finances? Consider stamp duty and moving costs, too, and shop around to find a home loan with a good interest rate.

2. Make a location Wishlist- Make a list of the things that are vital in your ideal location. Is being close to public transport or a good retail precinct high on that list.

3. Do your research- Research will help you narrow down your choices and ensure that you choose a home that is in a place that will continue to grow in terms of amenities and value. Look at any new plans for the area, too, like new schools, shops, medical centres and entertainment options as this will increase demand.

4. Look to the future- If you buy and sell your property within two years, you’re more likely to make a loss so it makes financial sense to choose a home that you can stay in for a while. Opt for a design with room to grow, like something with three bedrooms, two bathrooms and a double garage.

Finally, Future proof yourself against big bills by looking at sustainable home designs that include gas and solar power. Solar produces clean energy, and the savings mean that the system will be paying for itself in a few years.

Source: realestate.com.au