Home and Garden
Looking Forward as a Homebuyer
by Claire Wilson
Buying a home is one the most important life decisions an individual or family can ever make. After all, you are entering into an investment that could last a lifetime. One of the most powerful things a homebuyer can do is to look forward and plan for the future. A home can be an enormous and very rewarding part of that future for many reasons. If you are planning to buy a home or have recently purchased a home, then here’s how you can look forward.
Finding the Right Spot
When it comes to buying a home, many people will tell you anywhere will do so long as you are in the market. Don’t think in the short term, try to envisage the future and find the right spot for the future. Using a home builder like WISDOM homes can help you capitalise on existing expertise in the market to find the next area of growth. Look for areas of planned development and infrastructure works. These types of areas are likely to yield a higher growth merging, meaning you will gain equity on your home faster than the average suburb or area.
Think Retirement
House flipping shows have grown in popularity in recent years, meaning a lot of homebuyers are thinking about whether this type of process is possible for them. It might be entirely possible but the real question should be – is it necessary? If you are looking to invest for the longer term then you should be looking for an asset capable of maturing over time. Buying a rundown house in the hopes of turning a profit can be extremely risky. Think of your home as an investment for retirement. By that stage you will have paid off a considerable portion of the mortgage, if not all. Then whatever the home’s value is, could be yours for retirement and your future. This can be an even more attractive strategy if you think of downsizing later in life.
Equity Is Everything
Owning a home and allowing that home to mature is one of the most effective ways to gain equity. Property equity is a fantastic opportunity to not only make money in the long term but add to your investment portfolio. Equity is a great way to demonstrate security to a lender, which means securing additional investments become a lot easier. Depending on the type of investment, the original lender for your home may even be able to provide the funds for further investments. Viewing your home as a long term investment and allowing it to mature is a great way to look forward as a homebuyer, as opposed to a short term option that don’t stick around long enough to give sustainable equity.
Family Home
Looking forward as a homebuyer doesn’t have to be all about the money you stand to make, or the return on your investment. A home is a great opportunity to build a legacy within your own family. Looking for a long term home is a chance to start a memory and a chain of passing the family home through the generations. Think of the environment that you want your children and their children to grow up in.
Buying a home is a big investment and shouldn’t be viewed as something you enter into lightly. That being said, viewing your home as a long term investment has its perks and advantages. Whether that is developing equity to build a portfolio, or creating a lifetime of memories in your family. A home is an asset that should be utilised for the longer term and provide a better standard of living well into your future.
About the Author
Voted Most Likely to Nap, Claire’s interests lie with pottery and literature with her ultimate passion being low-budget “True Crime” shows. With a background in fashion and advertising, Claire hopes to one day reach her limit in black tee shirts and jeans.
