So you’ve bought your first home! Now what?
There is so much to read about buying your first home – but not a lot on what to do once you’ve bought it! Lucy writes about her experiences and what to expect when you become a (reverse!) half millionaire.
So, you have finally purchased your own home.
All the saving, trawling through real estate websites and endless inspections have been worth it, and you finally get to stick that sold sticker on the board and seal the deal with a post on Instagram to share the good news with all of your family and friends.
It’s such an exciting time of your life, buying your own home is huge! But then it happens, your savings are gone and you’re left with a bank account in the negatives.
Well all is not lost! First of all, don’t lose sight of what you have achieved! You have a house! And secondly, depending on how you look at it, your new $500,000 debt makes you a (reverse) half millionaire!
When it comes to styling and making your house a home, there’s no doubt you’ve stumbled upon the two best friends that any renovator can have – Bunnings & Kmart.
Buying your own things, for your own home and putting them into your kitchen is the best feeling ever. It may feel daunting because you feel like you’re spending heaps of money on top of your new debt, but it’s all worth it and it’s the new normal that you need to get used to. In the first week I moved into my place, I re-styled my kitchen twice!
A challenge that many first homebuyers face is re-building their savings on top of paying their new mortgage, and this is where we can help.
We don’t just help you get a home loan, we want to help you reduce your debt and set up your accounts to help with your financial goals.
It could be as simple as putting an extra $50 a week into your loan and watching your redraw grow. Or, if you nuts like me, have different accounts (offset) created to put money into each week for bills, savings, holidays and a ‘just in case’ account.
That way when you are shopping hanging out with old mates Bunnings and Kmart, you are confident in knowing what you have to spend on all the new plants, touch up paint or fresh bedding.
Another common misconception is that because you have a home loan, you can’t have a life, not true!
Your friends may be heading out for brekkie or to the pub week in week out, and your account might be telling you that you can’t join them, but there are easy ways around this!
Hello! You have a new home after all! One of the biggest things I looked forward to when I was saving for my place was entertaining!
Your friends will still love you if you invite them over and serve them an instant coffee on a trestle table! (Yep I had a trestle dining room table with one of Mum’s old table cloths on it. My friends laughed and called it old school, but thanks Mum! I liked it!)
Think about it, you could head to Coles and grab bread, avos, feta, tomatoes, spinach and eggs for under 20 bucks and feed your mates!
That’s a win in my book.
Buying your own home is exciting, nerve-racking and you learn a lot along the way. However, whether it’s your first, second or third home, it’s a liberating feeling.
Don’t let the next step over overwhelm you, jump into it and we can assist with what works best for you and your financial goals.
Blog post by Invictus Finance
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