Are you dreaming about moving into your first home? While home hunting can be exciting, purchasing a home is a big financial commitment – potentially one of the biggest purchases you’ll make in your lifetime.
So you’re living in domestic rental bliss with your partner when the conversation inevitably turns to buying a house together.
Excitement builds as the benefits of entering the property market beckon, but so does the realisation that buying a home comes with big financial, emotional and time commitments.
How do you know if it’s the right time? Here are six signs that indicate you and your partner could be ready to buy:
1. You’re ready to settle down
Buying a property is a long-term investment; to get the most from it you should be prepared to hold onto your new home for at least a full market cycle – around five to seven years. That means you and your partner should be ready to settle down in one place for an extended period.
You should be ready to settle down in one place for an extended period.
2. You’re both happy in your careers
Job stability is important when you have a mortgage to pay. Having a set, regular income will help you plan your household budget and minimise any nasty surprises. If you or your partner are considering a major career change, or are not happy in your current jobs, it may be wise to put off buying a home together until your careers are where you want them to be.
3. You want the same thing
If you’re dreaming about a renovator’s delight but your partner is keen on a trendy new apartment, you’re due for a discussion. Communication and compromise are the key words here. Write a list of ‘must-haves’ and secondary ‘should-haves’ that you both agree on.