Are you really ready to build your new home?
As much as it makes us very happy to see all sorts of people building new homes, it is a big step and a massive investment. So for everyone out there, and especially the first home buyers, this is a good time to pause and make sure you’re really ready to build.
Are you really ready? You might be, and that’s great, but not everyone is, and some people make big decisions without having all of the best information at their fingertips.
We’re always here to help people at all stages of the new home journey, and right here, right now, we’re here to help with a little reality check. If you’re all good to go, that’s great. If you need to wait a few months to sort some things out, that’s okay too.
Can you afford this?
This is the big one. Can you afford to build a new home? It’s a big investment, the biggest ever for most of us. And while we understand the excitement and the desire to get going, you need to make sure you have a solid financial foundation to build on.
If staying on top of your daily bills is a struggle, it’s not going to be the greatest idea to take on a mortgage. Have you saved the deposit, and then some? While there are some great options for financial assistance, at the end of the day, you are buying this new home, so the costs will have to be met.
When you think you’re ready, get a simple summary together of your financial position and make an appointment with a lender, your bank, or a finance broker, and get some direct advice.
This is a significant responsibility
Whether you build or buy, owning your own home feels great because it is a big achievement, and those great feelings are even more intense when it’s your first home. But there’s also plenty of work to be done, before, during and after the building process. Are you ready for that?
Apart from the financial side of things, which is important, you need to think about the costs and time associated with maintaining your new home. And once you are in a new home, you kind of need to stay there for a few years. Taking off to live overseas or go travelling isn’t really a viable option. So make sure you’re ready to do a bit of ‘settling down’ in your new home.
Is this time the right time?
Whether you’re buying or building a new home, you should get yourself ‘knowledged’ up on the topic in general, but particularly on the market right now. What exactly are you getting yourself into? It literally pays to know. Of course, none of us have a crystal ball and it’s not possible to predict the property market exactly. But, we can all take a look at the trends, and the patterns over the past few years, read up on the subject, and speak to a financial advisor if needed. Don’t wait for the perfect alignment of everything, but make sure you have a decent understanding of the market you are buying into.