5 Things Nobody Tells You About Owning Your Own Home
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There’s a lot you need to know about buying your first home, but what about the bit that comes next? A lot of the homeowner advice millennials are given focuses on things like saving for a deposit. But what are you supposed to do once you’ve signed the contract, made your first repayment, and moved into your new home?
There are some things every new homeowner should know, like that it’s perfectly normal to feel as if you’re not sure what’s going on, wonder what your lender should offer when it comes to your home loan, and be both excited and panicked while picking the perfect set of matching plates.
We’re here to help. Let’s take a moment to talk about the things that nobody tells you about owning your own home. It’s time we put them on the record.
1. Home loans are super important
Knowing you have the right home loan can make the process of settling into your new house so much smoother, so do your research and find the one that’s right for you. People’s Choice has a range of competitive features for First Home Buyers included within their Fixed Home Loan Packages. You can choose between fixed weekly, fortnightly, or monthly repayments or even interest-only repayment options. Compare their full range of home loans here to find the one that’s right for you.
People’s Choice is also an approved lender for the Australian Government’s First Home Loan Deposit Scheme (which will be called the First Home Guarantee as of July 1, 2022), which saves eligible first home buyers from having to pay something called Lenders’ Mortgage Insurance. You normally have to pay this if you put down less than a 20 per cent deposit on a house. They’re all set up to help you buy your first house and keep living the life you love.
2. It might not feel like home straight away
When has a new house ever felt like home as soon as you move in? You might feel pressure to love your first home from day one, but give yourself some time to ease into it. It’s okay to miss your old apartment, housemates, or local cafe. Soon you’ll make new stories and memories in your new place.
3. You might start spending your money differently
Just because you’ve purchased your first home doesn’t mean you’re finished with the expense sheets. There’s a lot to do in a new home, like random repairs, deep cleaning, or new furniture, and they all cost money. Then there are the ongoing expenses that come from owning your own home. Now when things are broken, you have to take care of them yourself instead of calling a landlord.
Your lender will have resources to help first home buyers manage these expenses. To help you stay on track of your spending, People’s Choice has an online budget tracker, plus guides to help you plan for your financial future. And don’t worry: these expenses should settle down soon.
4. Second-hand furniture is your friend
In share houses, the furniture can be a mix-and-match assortment of pieces. When you buy your own home, though, you’ll have to fill it with your own furniture. Speed up the process of furnishing your new home by looking for second-hand furniture, even if it doesn’t fit your aesthetic. A couch that doesn’t match can always be revamped or covered and is better than no couch at all.
On the plus side, second-hand shopping is way more environmentally friendly than buying mass-produced pieces.
5. You can do whatever you want!
One of the most exciting things about owning your own house is that you can paint the walls any colour you like, hang paintings in every room, and tear up the floorboards if you like – you don’t need to ask a landlord for approval on anything anymore. The sooner you embrace this new-found freedom, the sooner your new house will look and feel like home.
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Discover how People’s Choice can assist you with your first home. See their full range of home loans to find out more.
This article is for information only and is not intended to constitute financial advice. Any views expressed are the views of People’s Choice Credit Union solely. This information must not be relied on as a substitute for financial planning, legal, tax or other professional advice.
People’s Choice Credit Union, a trading name of Australian Central Credit Union ABN 11 087 651 125, AFSL and Australian Credit Licence 244310. In this article, People’s Choice Credit Union is referred to as People’s Choice.