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Author: Nicole Hayes

How old is too old to buy your first place?

It seems the trend is to put more and more off these days. We’re putting off Uni for a gap year or two, we’re getting married later, and we’re starting families later as well.

And why not? 60 is the new 40, 50 is the new 30 – everything is the new something!

Basically, we’re living in a time where we’re freer than ever to buck the trends of previous generations and map out our own life stages as we see fit.

The Verdict

The answer to this question is, of course, NEVER – it’s never too late to buy your first property, provided you do it right.

The Reasons

You may have put off buying your first home for a number of reasons. Perhaps you were never in a position to save enough for a deposit, or maybe you lived and worked in an urban centre, where it was more convenient and made more financial sense to rent. Or perhaps you were able to enjoy your parent’s ongoing hospitality and stay living at home.

Whatever the reason, it’s never too late to buy.

Things to Consider

  • Think aheadIf you’re in your 40’s, 50’s or older and are thinking of dipping your toe in the property market for the first time, it’s important to consider your ongoing needs when searching for the right listing. If you’ve got no children left living at home, do you need all those extra bedrooms? If you’re approaching the end of your working days, do you really want a property with a lot of maintenance and upkeep responsibilities?
  • Get the balance rightIf you’re approaching retirement and wanting to buy your first place, consider how such a large purchase may affect your plans for after work. If you’re looking forward to a comfortable life of leisure and travel, do you really want to be saddled with such a financial commitment during these years? While it’s true that you’ll probably have more in savings and investments during the years approaching retirement, the last thing you’ll want to do is commit to a purchasing a property if the monthly repayments will cripple your retirement budget. Before you sign on the dotted line, it may be worthwhile meeting with a Financial Planning Specialist to make sure your home ownership dreams are truly viable.
  • Get the right lenderYou’ve waited this long, so be sure to get this essential part of the home buying process right! You owe it to yourself to deal with a responsible lender that will be able to give you a fair go, while keeping your financial well-being in mind. At The Greater, we’ve been helping Australians of all walks of life achieve their home ownership goals for over 70 years – it’s what we do best.