As first home buyers we often get into a dilemma where is the best place to buy our first home is. We at Capkon have been telling this to everyone we meet. Some of you may already know what we are going to say here. Yes, you heard us right. It’s where you plan to live for the next 5 years.
Think about it this way.
Family (Next 5 years)
How big would be your family? If you are expecting a first child, then this child can sleep with you in the same room for the next 5 years. You may have overseas visitors coming to stay with, you will need another room for them. If this is the case, the property with 2 bedrooms is enough for you.
Again, if your family size is different or needs another 1 or 2 rooms, you can decide the number of rooms needed accordingly. This will tell you the requirements.
Job (Next 5 years)
Are you happy with your current job?
Is there room for promotion? How far do you want to live in your current workplace? Ideally, 30-minutes commuting distance is desirable.
If you are considering switching the job or location altogether, how likely is it to do so? You can check current job advertisements and figure out whether this is possible in the location you want to move in. Saving in travel time makes sure that you can spend more time with your loved ones.
Further Education (Next 5 years)
Are you or your spouse planning to study further in the next 5 years? Please remember, upgrading your skills is always helpful.
When you are studying, how do you plan to meet the loan repayments? If the student needs to continue with the part-time job as well to meet the loan repayment, then you need to stay in a location that is convenient to do so.
Lifestyle (Next 5 years)
Some people love to play soccer with friends on weekends. Some love crickets.
To some, it is just a coffee down the street with friends can give joy.
Everyone is different, and only you can figure out what your hobbies are. Whatever you do in your free time is your hobbies.
You should buy a property in a location where you can still continue enjoying what you love doing.
What happens after 5 years?
Based on the requirements discussed above, you live in a place for the next 5 years.
Don’t worry too much what happens after 5 years! Things might change. Both on the positive and negative side too.
If your income circumstances are improved and your needs are changed, you can buy a house in the same location. If you can keep both, you keep both. If that’s not possible or that’s something that you don’t want, you sell an existing property and buy a new one.
If your income or saving position didn’t support to live in the area you wanted, then you can consider moving elsewhere (preferably other affordable suburbs).
Don’t make buying decision too complicated. Just use your common sense and be prepared to handle the situation as they come along.
The main thing is that even after buying a property, you should be able to continue not only living your life but Thriving!
You should be able to continue your higher studies if this is in the plan.
You should be able to afford to continue your holidays.
You should be able to spend more (or at least same time) with your loved ones.
If you are still in doubt, please let us help you. You can reach us for the 10-minute discovery session by clicking the link on https://app.hubspot.com/meetings/kiranthapa