No one said buying property was a piece of cake. But what if we look at the property market through a different lens and take a step back from all the market changes, confusion and complexities? With a fresh perspective, we might see things a little more clearly, so in this article we ask, in the future, what property decisions would our kids wish we had made?
See into the future
If you could see into the future, what would you wish for your family? Sure you’d love to give your kids the best education but you might also like to shout yourself a trip of a lifetime. Whatever your dreams, thinking about property investing with a longer term approach could help you create a ‘future fund’ for when you or your family might need it.
Whether you’re looking for your family’s ‘forever’ home, an idyllic holiday retreat, or a property with ‘potential’, capital gain is the magic word that could help secure your family’s happily ever after.
There are ways to get into property investment on a small budget and some property investments could even be tax deductible. Interested? First, you’ll need to do some research to work out your budget. Next, talk to an Aussie Broker to understand what you can afford and what type of mortgage will suit your long-term goals for your family.
Turn rags into riches
We’ve all heard the stories where an affluent suburb once used to be somewhere that you wouldn’t have dared to tread. So could investing in a not-so-nice neighborhood now, be a good investment for your kids’ future?
With no fairy godmother at hand, you’re going to have to do your homework. Look at data and profiles for a range of potential suburbs. Websites like SQM Research provide up to date figures for property prices, weekly rents and vacancy rates across Australia. It also pays to visit a suburb a few times to get a feel for the area paying particular attention to the community amenities, schools, work opportunities and transport links that can support rising property values.
Having the facts in front of you, good foresight and a little patience, could mean you secure a smart investment with rewarding returns for your family’s future. But you also need to ask yourself, can you sit it out long enough for some hipsters to come along and open a coffee shop?
Make every day a holiday
Imagine a home where your children can write their own stories: from sun and surf-soaked school holidays to grown-up getaways. There is no denying the emotional benefits of buying a holiday home, but the financial implications of owning one also need to be considered.
There are potential profit and offset costs from renting out to tenants, but if you can’t manage to find a tenant to subsidise some of your repayments, then you’re paying the mortgage, insurance and maintenance fees out of your own pocket. And while smart location choices can result in a possible appreciation in value, some rural locations make only modest increases which might make your dream of being out in the sticks a little less easy to stick to. Speaking to an Aussie Broker can help you understand more about holiday home loans and if it’s an option that’s right for you.
Build your dream property and lend a helping hand
Our children’s future will be affected by the changes to our climate. Building your own property not only means you can design your dream home, you can invest in your children’s future by making your contribution to the environment through sustainable and energy efficient choices.
Some states around Australia even offer incentives for first home buyers who are prepared to build or buy a new home. The trade off? For many it’s location. But if you don’t need to be near the CBD, investing in your own property can be a worthwhile prospect for your family’s future. Use our handy Construction Guide to see your options for house and land loans and speak to an Aussie broker to understand what you need to make your dream house a reality.
Live happily ever after
At the end of the day, buying a property is a huge commitment and only one you should make if you can. As Trent Hamm of The Simple Dollar writes, don’t buy a home because that’s what you’ve been told you’re ‘supposed’ to do. Buy a home because it truly makes sense financially and you’re ready (and excited) to deal with the challenges of home ownership. At Aussie, our brokers are trained and accredited professionals who’ll take the time to look at your individual situation before recommending a mortgage solution that will work for you, and your family’s future.
Making sure your property story has a happy ending, is why Aussie strives to help every Australian family find a home loan that suits them. By looking at how we buy our homes through the eyes of children, we can see dreams, possibilities, and magic unfold before us. And having Aussie by your side can help make some of those dreams possible. So maybe now it’s time to ask yourself, what’s your next chapter? Better still, ask the kids.
Some more reading you might find helpful:
• What if you love your lifestyle but can’t afford to buy where you live?
• Five top holiday spots to buy a home in Australia