Buying a House or a Home

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With most things to do with life, setting out your priorities is the starting point. Buying your first home is no different. Keep in mind that this is just a loose plan for now, it is not set in stone.

Firstly, think about what the purpose of the property is. Is it somewhere to call home for the next 5 years or is it a short-term property that you can rent out?

The house you buy might be quite different in each situation

  • Location
  • Maintenance required
  • Section size

For the rental type, often, you should be thinking less about what you want but what makes it a good rental property.

Who would you rent it to? Families, students, retirees, young professionals? Again, these will all be slightly different properties.

If you’re buying a home, get clear on what your non-negotiables are for you. I suggest writing a list of 10 things you want that property to have and identify the 3 non-negotiables. If you’re a couple, both write out a list and then have a chat about it to identify your combined non-negotiables

At a simple level, as well as identifying whether you want a property that you can renovate or something you can move into and live in is fundamental.

  • Renovating a house can be a great way to add some value to it. But just consider if it’s something you are interested in. It’s not that fun living in a home that is being ripped apart, so make sure you are prepared for it.

At the end of this process, you should start to be able to be clear on the type of property you are going to buy and what it’s going to be used for. This will be handy when it comes to the property search and looking at open homes.

Just a tip, keep an open mind as your priorities may well change when you start looking at properties.