Choosing or designing the right home for you

Choosing or designing the perfect home can be far more than simply writing up a list of wants. Even if you had an unlimited supply of home financing, you could still end up with a home that isn't the right one for you.

Check out these three things to keep in mind if you don't end up with a home that eventually doesn't suit you.
 

Planning for children

Having children could change your life forever, and it might be no different when it comes to your choices in real estate. If you are planning to stay in this property for most of the child's infancy, you may need a spare bedroom for them to move into as they get older. However, it can also be important to keep in mind that people can often overestimate how many bedrooms they will actually need. Almost half of all Australians have two or more bedrooms than they actually need in their home, and could be paying the price (literally) for it¹.

Keeping the kitchen in mind

You can debate the appliances, the colours and the light as much as you like, but first you may need to decide on the actual preferred size of the kitchen. If you're like some Australians, you may find that an open plan, free and flowing kitchen has a place on your list². However, you could find that this popularity may also translate into additional costs, both in the asking price and further down the road. If you are renovating a kitchen, you may be spending at least $10,000³, even on a small budget. Try to consider this before buying a kitchen if you are planning to renovate in the future.

Pulling the hard yards

If you have a green thumb, you might find yourself yearning for a backyard. However, considering recent restrictions in land and the general associated increases in the cost of property, you may find yourself without enough capital to afford a large yard, if you can afford one at all⁴. If this is the case, there might be some options for you. Balcony boxes, living walls and roof-top gardens are starting to find some grip in Australia, so even apartment owners can have some greenery in their lives. If you do decide to go for a garden, you may still have to consider how long you are planning to be in the property. As you get older, you might find that a larger yard ends up being too much work for you to handle.

Ultimately, choosing or designing the right home for you may come down to ensuring you keep both your future needs and present wants balanced. To speak with a professional about your home finance options, get in touch with our home lenders at IMB.

Enquire about an IMB Bank Home Loan

Source:

1 - CoreLogic RP Data and Australian Bureau of Statistics, Housing wants versus housing needs

2 - Real Estate Buyers’ Agent Association, Australians reveal their Christmas wish list for the perfect home

3 - Finder.com.au, Kitchen renovation costs in Australia

4 - Housing Industry Association, Land constraints continue to bite