For starters, homebuyers will need to figure out what their basic needs are at the moment. Aside from that, though, they will also need to figure out what their basic wants and needs are for the future, and what their budget would be for a home to begin with. All of this will make them help make better choices in terms of buying homes altogether.
Know exactly what your family’s current needs are.
Before anything else, it would be vital to understand what your family’s current needs are. This is actually the most important tip in this guide. After all, you have to make sure that the home that you buy will actually meet all of those needs in the long run. Keep in mind that these needs are different from your future wants and needs, though. Either way, every homebuyer needs to know their family’s current needs in order to make the right decision in terms of home buying. Generally speaking, you simply have to figure out what your family deems as important when it comes to this.
Get ready to sacrifice certain future wants.
Depending on your budget, you may have to sacrifice certain future wants from your wish list and you have to be ready for this. Wants are completely insatiable, after all, while needs are vital and often limited. While it is okay to go for you what you want if your income, budget and ability to buy can all afford it; you may have to let go of certain things if they cannot.
Keep in mind that your needs need to be met by the home that you choose to buy, as well as by your ability to repay the necessary mortgage for it. Because of this, it would be vital to only look at homes that you can afford to begin with. Do not exceed your budget and do not over-commit, no matter what.
Know the difference between current needs and future wants.
Naturally, you should be able to tell the difference between current needs and future wants, as well. You should also be able to tell the different between needs and wants, in general.
If you are a young couple expecting a child, for instance, you can meet your family’s needs with a two or three-bedroom home, even though the baby might not need his or her own room until a year later. A lot of couples end up choosing a home with four bedrooms right from the beginning, too, though, because they already know that they want more children down the line or because they know that they will need spare rooms for relatives and friends.
However, in order to find affordable homes with four bedrooms in Australia, you might have to choose an area that is a bit farther away from stores, amenities and workplaces. While this may result in higher car costs and fuels, as well as more travel time during the week and potential accidents and fines; you will get to relax more as a family whenever you are at home.
So, even though two or three-bedroom homes may cost less, may have lower mortgage repayments and may save you more money down the line; you will have the option to grow your family and extend your home if you choose to buy a bigger home from the start. Keep in mind that your first home most probably won’t be your last one, though, so make sure you take care of your current needs before anything else and just worry about the future later.
Know your budget and make sure you satisfy your needs within it.
Before making your final decision, you have to make sure that you will be able to satisfy your current needs within your budget and try not to think about your future needs just yet.
Naturally, this means that you need to know your budget first and foremost. Your home buying budget should generally depend on your ability to pay for a home mortgage. This will, in turn, depend on how many dependents you have and how old they are, whether you have any credit commitments at the moment, and what your current total income is.
In today’s day and age, most lenders in Australia won’t let anybody buy a home outside of their budgets, though. This is why a lot of home prices in the country have already dropped significantly.
Homebuyers’ Needs vs. Wants
A lot of potential home buyers in Australia make their home buying decisions based on their wants instead of their needs, so here are some examples for you to look at in order to avoid doing this yourself.
Acreages, for one, may provide you with a lot of space overall, but they could also increase your commute and transport times and get rid of any other amenities that your children might have enjoyed. The upkeep of acreages will also make you work in your garden much more than usual. This is actually one of the reasons why a lot of people end up selling their homes with acreages within five years: the costs and workload involved in acreage maintenance just ends up becoming far too much for them. This would be especially hard for older people to cope with. So, unless you are absolutely passionate about gardening, then you might want to think twice before purchasing acreage homes.
Swimming pools are wants that a lot of homebuyers mistakenly consider to be needs. While swimming pools may be fun and entertaining for the family and their friends, they also tend to involve a lot of work and costs in terms of maintenance. Plus, they sometimes don’t even get used, turning them into bad investments overall. Some people also fill up their pools or just end up selling their houses in order to completely avoid pool maintenance.
As you can see, as with everything else in life, you can’t have everything when it comes to buying a house. Because of this, you have to figure out what you can afford, what you need to have and what you can simply put aside before jumping into the purchasing decision. Once you figure all of these things out, your home buying decision will instantly become easier and less stressful overall. Choosing a home that will satisfy all of your family’s current needs will also ensure that living in your new house will end up being much better and much more fun for the entire family in the long run. What could be more important than that?