When constructing or purchasing that all-important first home, there’s much more to consider than budget or location, though these practicalities certainly need to be added to the mix.

Twenty something professionals often get carried away with the euphoria of building or purchasing their first home and choose plans that are much larger than their actual needs. They also fall into the trap of buying a property that needs extensive renovation or refitting without realizing the cost, time and energy of undertaking such a venture.

Renovation can become a much larger expense than initially expected and local Council planning needs to have already been applied for then granted before work commences there is associated costs and time / effort and stress involved with these applications if you dont know what you are doing.  Consequently, professional working ‘dinks’ (double income no kids) should ideally choose to build or purchase no larger than a two bedroom property that needs very little refitting and won’t break the bank…  This will allow them to have the best of both worlds, home ownership and still able to enjoy life.

The next phase of life is the nesting period, and if these 30 and early 40 year-olds have planned properly, they will have paid off enough of that smallish first home to arrange to rent it out and allow it to pay for itself, while buying or building a three or four-bedroom house that is convenient to work, shops and schools.

This is the busiest time of most family’s life, especially if both parents work. And, as the kids grow there’s also copious extra curriculum activities to consider. For many sport or art pursuits take up most weekends, so it’s still not the best time to undertake home renovations.

Then, the kids get older, at last there’s some breathing space for you. And this is the best time to find that visionary architect and plan together to build or renovate your dream home.  By now, you know what you want and what you can afford and within your capabilities are able spare no expense in achieving what has been on that wish list for years.  Such a property would surely realize great returns in the future when empty nesters eventually decide to down size and travel without a care in the world!