| Until now, it may be that you have managed your own finances, deciding how much to spend, how much to save, and what to spend on and save for. This uniting of finances can be a jolt to the system for some people, as financial independence goes out the window, and the truth of being truly united is realised. You don’t have to change your ways, but it is a fact of the legalities of marriage that what is yours is your partner’s. The best way to handle the situation, as in most aspects of marriage, is to talk about it, communicating any concerns. The next best thing to do is to see a professional financial planner. A financial planner will help you sort your current finances, look at your expected future finances, and advise on ways to invest and save.
Tips for first home buyersCouples who are to be married often buy or build their first home. This first home is usually a stepping-stone to bigger and better houses. This means your first house should be treated as an investment property you hope will appreciate, allowing you to sell and buy better. If this is your goal, consider the following:
- Plan long term to decide what path you should take.
- Decide whether to build or buy. If you are likely to rent out your property later, there may be some tax advantages in building.
- See an accountant to help with your decision.
- Location is usually of paramount importance.
- If you are using a builder, use a reputable one. Your builder should have a gold card and a BSA License No.
- If you decide to buy an older house, make sure you have it checked thoroughly by a building inspector. Also allow for incidentals like replacing carpet and curtains. These can be expensive.
- Buy a book on investing in property.
- Spend time getting to know the market. This way, when you make your decision, it is based on sound judgement.
- Don’t over commit yourselves. Make sure you can survive if one of you loses your job.
- Buy your house before you buy new cars and furniture, as your house will appreciate.
- Save up as large a deposit as you can to reduce interest on your mortgage.
- When choosing acreage, choose a lot in a level part of an estate, or on the high side of the road.
- Choose a real estate agency that’s a member of the REIQ with experienced staff in the area you are looking at.
- To obtain further information on building your home visit www.myvirtualhome.com.au (insert link). The site allows you to build your own home in 3D using the colours and design you want. Once completed you are able to search for suppliers in your area in order to plan the design and budget of your dream home.
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