Right Sizing

Are you a first home buyer or trying to get back into the property market? Consider this – right sizing.

It is the concept of buying a property that is the right size for your current lifestyle rather than the one you plan or want to have in the future. Basically, only buying what you need now and not what you desire now. It seems logical enough, doesn’t it?

The current attitude with property seems to be bigger is better. The homes that are built are large, often 4 2 2, squeezed onto ever smaller parcels of land with prices to match the number of rooms. A smaller home, adequate for your current needs, could mean a smaller price, a smaller deposit to save and therefore a smaller mortgage.

If you are trying to get into the property market and purchase your first home, consider what you need over what you’d like to have, or what property marketers say you need. The floorplan you need may be 2 bedrooms not 4, you most likely don’t need a cinema room, lounge room and family room all in your home if you are single. You own one car so a double garage may not be needed.

Whilst everyone wants all the bells and whistles and as many square metres as you can stretch yourself to afford, settling for what is needed now may get you into the property market much sooner and more affordably.

With a lower entry price, you will have lower mortgage repayments which will allow you to weather any interest rate rises and have the money to enjoy your life. You will also be able to pay off your loan sooner and when ready move on to the home of your dreams, or the home that is the right size for your next stage of life.

So, when you have found your right size right now, we will be available to help you find the right size finance solution to make that purchase a reality.
www.tracefinancial.com.au