Many Australians have been waiting to buy a home their whole life. And while imagining that one perfect day when you finally get the keys to your very own property can help you to buckle down and save for a home loan deposit, it can also cause you to get first home tunnel vision.
This means that you have your eyes so focused on the prize that you forget about all of the other little things that come along with home ownership.
As one of the largest financial commitments that many people take on in their lifetime, there is a lot to think about.
Securing your first home loan is representative of an important milestone in your life, but it is also the beginning of what is often a very long term commitment.
It is important to remember that long after the first time you turn that key into the lock and arrange your furniture to your specifications, you will be making payments every single month.
Of course, this is manageable – it is just important to be aware that you are not just putting your name on a deed, but inheriting a mortgage as well.
Upkeep and maintenance
Owning a home gives the freedom and ability to renovate and mould your own personal preferences into a slice of real estate that is just yours.
However, it also makes you responsible for everything associated with keeping a household functioning the way it should.
Keeping the plumbing and heating fixtures running successfully, trimming the garden and replacing anything that breaks will fall on your shoulders.
Forewarned is forearmed
Despite those extra bits of responsibility you may have forgotten about in your haste to buy a home, do not lose your enthusiasm!
A little preparation in your budget and your outlook can go a long way to securing a long and successful property tenure.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.