We can help you decide whether buying a home is the right decision for you
Buying a home is often one of the most exciting times of your life. The feeling you get from ownership can be exhilarating and it also has some practical benefits because you can add value to your home by changing it to suit your tastes and needs.
Your home will probably be your biggest asset and it’s likely that you will have to borrow money to buy it. This means you need to consider it as an investment as well as simply a roof over your head.
Depending on your circumstances, some important issues to consider when buying a home include:
- How much can you afford to borrow?
- How much money will you need for repairs and upkeep?
- Will you need to renovate and how much will it cost?
- Are you planning to start a family soon, will that affect your ability to make mortgage repayments?
- Will you need to relocate to another area for work in the short term?
There are several advantages and disadvantages when it comes to buying a home but generally it is a positive step that helps you get on a pathway to building assets that will help you live well in retirement.
You should try to ensure you don’t borrow more than you can comfortably repay, remember a mortgage broker has an incentive to suggest you take the largest mortgage you can afford and that’s likely to be more than you can repay comfortably.
As you get older and have managed to reduce your mortgage you should seek financial advice so you can decide whether to devote more money to your super instead of making additional repayments on your mortgage.
To help you explore your options when it comes to buying a home, speak to your financial adviser. If you don’t have a financial adviser, we can help you find one.