There are so many great reasons to purchase a home, and over the past year, we’ve realised more of them than we ever thought possible. #covidyoudick...
If you’re a first-time homebuyer, having a home of your own can give you a greater sense of security and accomplishment in a time that’s largely uncertain. If you’re a repeat buyer looking for your dream home, making a move might give you the space or features you need to find greater success and happiness in our "new normal" way of life.
Whatever your motivations are, here are three reasons why becoming a homeowner now may help you win big in the long run.
1. Buying a Home Is a Great Investment
Several recent reports indicate that real estate is still a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Because real estate helps you build equity, a type of forced savings that grows your net worth over time.
2. Mortgage Interest Rates Are Low
Interest rates for a 30-year mortgage have fallen since November 2018. In the news this past week, Heartland Bank has a special rate of just 1.85% - when many were expecting rates to rise slightly this year, that happened!
We expect rates to remain low, possibly leveling out towards the end of 2021.
When you purchase a home at a low mortgage rate, it will positively impact your monthly mortgage payment, giving you the opportunity to likely get more house for your money.
3. Investing in Your Future Pays Off
There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. What many renters don’t realise, though, is the financial power of equity. While it can be a struggle to get a deposit together, the long term benefit outways that pain.
As a homeowner, your monthly mortgage payment becomes a form of ‘forced savings’ you can reinvest later in life as you see fit. You can use it in a variety of ways, like to fund a loved one’s education, move up to a bigger home, or start your own business. As a renter, you’re actually growing your landlord’s equity instead of your own.
If you’re ready to put your monthly payments to work for you and take steps toward those dreams and goals, purchasing a home may be the way to go, especially as rental prices continue to rise.
Buying a home sooner rather than later could lead to substantial savings and long-term financial growth.
Get in touch to determine if homeownership is the right choice for you this year.
So, you’ve been thinking about selling your house - and then you realised that YOU HAVE KIDS! How is that going to work without losing your mind?
Well, it has been done plenty of times before, so don't worry too much. If you plan out the selling process correctly, it is much easier. Take a deep breath and let's go through this together.
The hardest part of selling a home with kids is that they tend to undo your efforts as soon as you get a room cleaned and ready. You move on to the next room while they follow behind you with a new mess.
Kids don't feel the same sense of urgency that you feel as you are planning out this major life event. This can cause tensions to rise in the household.
In this article, I'll explain some simple steps you can take to make the process much smoother and more predictable.
Here are some tried and true tips:
1- Get Organised & Prepared
The very first step is always to organize your thoughts and implement a plan. This will help calm your nerves and give you a sense of control over the situation.
Give yourself some time to organise for a week or so during nap time or while the kids are at school. Go through their wardrobes, dressers, and toys. Find items that you may be able to donate or take to storage. When all of that is said and done, declutter a little more.
Clear the tops of dressers and nightstands, take down personalised items (for the safety of your children), and put away all but 25% of the toys and maybe 1-2 weeks worth of clothing. If your kids are old enough or excited about moving, have them help choose which toys and clothes they use most often and let them box up the rest (packing and marking the box/boxes in a special way can make them feel included).
2- Make a Family Contract
Make a contract with your kids - after all, you are signing lots of papers when you buy and sell your house. Use this as an example. If they are primary school age or older, this can be a great life lesson! Find out what motivates them to help get the home ready for pictures and open homes - let the “market” be the motivator!
For littles, maybe there is a special toy that they’ve wanted. Print out a picture of the toy and put it somewhere (back of their bedroom door, pantry door, etc) so they see it daily. A sticker chart can also help encourage them. Maybe it’s a special outing - could you find something that reminds them of why they want to help?
For older kids, if not a special outing, maybe it’s a “paycheck” that you hand them after settling on the sale of your home! Whatever the reward, make sure it’s something they are REALLY excited about and be very specific about their jobs and when you need them completed. Remember to be age appropriate and realistic. If you work, you’ll need some things done before the kids leave for school.
Put away all toys, gaming stuff, school stuff, clothes, shoes, and jackets. (It’s great to have a laundry basket or bag that either fits under the bed or in the wardrobe to toss toys in quickly.)
3- Make a Daily Clean-Up Checklist for Kids
Making a checklist for all of the jobs that your kids are capable of helping with will set their expectations on the right path.
Remind them to make their beds (or do their best to straighten it up), clean off the bathroom counter (toothbrush, toiletry items - find a special place for them to put everything and have cleaning wipes handy), close toilet seats, and hang up towels.
Put the dirty dishes in the dishwasher or hand wash and put them away. Help turn on all lights in the home and open blinds before school. Your home shows better when it’s brighter!
4- Prepare Open home Bags
Pre-made Open home bags are a great way to take pressure off of you while you're frantically preparing for your next viewing. These bags can hold your kid's favourite treats, drinks, a special toy/book, cosy clothes/blanket. Whatever you do, make these fun (something unique that they only get when there’s an open home or viewing - it makes that time exciting!)
Make sure there’s also a bag for you - include some personal items, just in case you have to run out of the home quickly and forgot to put on deodorant! Once you have them made, just keep them in your car or garage to grab as you leave your house.
5- Pre-Plan Your Routes
Gather some ideas of easy trips for when viewings happen. The less planning you have to do in the moment, the easier the process. This may be a good time to go to the park, go on a bush walk, grab some food, or just walk around the town basin.
If your kids are still in the napping stage, do you have friends or family who are willing to let you turn up for nap time if needed? Build out a good list of options so that you can easily escape to somewhere pleasant when you are leaving your home for a showing.
6- Make a Personal Checklist
Determine a checklist for yourself. An empty laundry basket is a great help if you need to gather items quickly. You can even throw it in the back of the car if needed!
Have something written down so you don’t miss the important things, then, plan to do a final sweep of the home once the kids are buckled in the car.
7- Set Up Viewing Delays
Now that you’re on the market, ask your agent to give you at least a 2-hour notice for each requested private viewing of your home. You can ask for more or less time based on your needs. Just make sure you have plenty of time because it's awkward whenever sellers are trying to get out of the home when buyers are showing up. Your agent should ‘stack’ private viewings around one so it doesn’t take up any more of your time than is necessary. After all, that’s one of the main reasons for open homes - so you’re not always being asked to leave your own home!
You'll need enough time for your little one to finish a nap or for your older kiddos to accomplish their contract items. You'll also need time to do a final inspection while leaving your house before the buyers get there. Budget this time wisely so that you don't feel too pressed for time.
8- Try to minimise your workload
The easier you can make the process of being on the market, the better. Here are a few ideas to get you started once you are on the market and for sale:
Cook your meals on the BBQ or in the oven in a single dish - less clean up if there isn’t a cooktop to wipe down. Think about only using one bathroom - less to clean!
Have one place for homework and hide ALL kids craft materials - trust me, you’ll thank me for this one! Have toys/books/games/etc. in ONE room - whether it’s each child’s bedroom or a playroom - leave the main spaces a little less chaotic. Schedule lots of outside play - if weather permits - and have them take their shoes off at the door!
There is a good chance that the person thinking about buying your home has children - or at least has been around children enough to know that families have to live in their home.
Not everything will be perfect, and there will be times when you can’t get to everything on your list! It’s okay. Your kids are going to take their cues from you - remember to breathe!
Selling a home with kids is a challenge, but it can be a fun shared experience with your family if done correctly. The steps above should help you throughout the entire process. Make sure that you choose a great agent to work with and not just the first one that you know.
Your agent's ability to have a plan in place for you, actually sell your house, and keep you informed throughout the process will help decrease your stress dramatically.
The agent that you hire is a huge part of your success, so choose wisely.
Remember to stay positive, stick to the plan, and make some good memories with your family during this time. You've got this!
Helpful and interesting info from Paul, and Harcourts to help you with your property journey.