One of the most positive trends we have seen in the Australian property market during the realignment of values we have seen during the past year or so has been the rebound in the numbers of people securing their first home. Perhaps you’re one of them?
If you are one of those Aussies who have recently bought your first home, we thought you might like some tips on what to expect in your first year or so, and some thoughts on how to make the most of this special time in your life.
For example, don’t be surprised if you encounter a few expenses that you hadn’t planned on. Getting into a routine of keeping the mortgage paid can be challenging enough in your first year or so, but if you’ve bought an established home, you’ll probably encounter extra costs in maintenance and repairs that you hadn’t budgeted for as well. If you can, put a bit extra aside to cover that moment when you need to get a plumber on the weekend, or you need to buy a new oven.
On the other side of the equation, you probably spotted something you want to change about the house on your very first inspection. Our advice is not to rush into changing anything. You’ll find that your perceptions change once you’ve lived in a home for a length of time, so leave any major changes until you’ve spent a year or so working out how the property works on a day-to-day basis.
Another tip that many people overlook once they’ve moved into their first home is getting to know your community, particularly those in your immediate neighbourhood. Good neighbours are a great asset, so take the time to introduce yourself to the people in your street, and be pro-active in offering to help them out when they need it. Chances are you’ll need that favour returned at some point in the future.
Last, but not least, don’t forget your old neighbours either. Long-term relationships are important, so be sure to invite your friends from the old place around to see your new home, and make sure they know that you want to stay in touch.
Here at Ian Reid Vendor Advocates we take pride in helping people through every stage of their home ownership journey, whether you’ve just bought your first home or you’re planning the sale of your last. No matter what stage you’re at right now, you’ll find lots of helpful tips in our free booklet, Fatal Real Estate Traps Exposed, and if you need any other advice, you can always give our Customer Service team a call on 9430 0000.