So You Finally Bought Your First Home

house constructionFirst of all congratulations! You finally did it. Making the purchase of your first home is a massive achievement and you should be very proud of yourself. But what next?

I am sure you have probably been on a roller coaster ride to get to where you are now. Come on, the countless hours spent getting your finances in order so that you knew how much you had to spend. All the time negotiating with the banks to get the best home loan deal. Hours upon hours of researching for the best suburb that your can afford and is your ideal living area. Then the site inspections, offers to be made, offers rejected, negotiations for the best buying price, the list really goes on. So after all this stress and time spent what have you got to show for it? Well your own home!

So take so time to enjoy this moment. Your home will never look the same again. Maybe throw a welcome party but of course be careful who you invite. The last thing you wan to do it get on a bad start with your neighbors. So why not invite them? But then you don’t know them. Sometimes your friends are the ones you have to watch out for. Maybe limit the alcohol consumption or get everyone to leave early. That will avoid getting noise complaints or worse yet, people getting too rowdy and possibly causing damage to your new home!

After the celebrations have settled down your next step is to think about renovations or at least some form of doing up the place. Even if you bought the place to rent out or to make a quick buy and sell profit, it is always worth spending a bit of time and sometimes significant money to turn a larger profit.

After all if the place is worth more you can charge higher amounts in rent, and of course it can easily sell for more.

It is often quite surprising just how simple additions or changes to a property can add value, but for the real value adding a renovation is where you need to be. But what to renovate? Often the most expensive areas or rooms in a home to renovate are the bathroom and kitchen. This is due to the fact that these areas are wet areas and need plumbing, waterproofing and often involve tiling. These trades are more expensive to than a simple gyprocker or painter but of course depending on materials used and the quality of the tradesmen any job can have large price ranges.

Either way we always advise that you should do your research. Get a few quotes and compare things like, quality of materials, time taken to complete, guarantees and of course make sure your tradesmen are licensed and insured. Going with the cheapest option is often a mistake that can cause issues down the track. Have you ever heard of the saying he can talk the talk but can’t walk the walk? Mae sure to check references before outlaying thousands of dollars.

Plan it right and you are sure to add significant value to your property. This can increase your standard of living as you enjoy your home and also can help you if you eventually decide to sell it down the track.

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