How age and stage of life can impact your property plan and selection (Ep. 13)

The type of property that suits your current needs, will not necessarily meet your long-term needs.
Beware of middle-aged children, pregnant women and dads at an auction or during property negotiation! They have a time deadline and the purchase price is less important.
Where you are competing to purchase a property and you are up against people who are motivated by time – instead of money – the price tag can quickly fly out of reach.
In episode 13, the Property Planner, Buyer and Professor dissect “How age and stage of life can impact your property plan and selection”

Listen to David JohnstonCate Bakos and Peter Koulizos as they take you through the critical considerations and how they change throughout your life’s journey.

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Show notes

  • As with any property decision, your goals and timeframe are the place to start – how does your age and stage of life impact these and any future property decisions that you want to make? 
  • If your plan is to purchase your first home or new home, how is this decision prioritised and where does it fit into your journey?  
  • If your next step is to downsize, do you have a plan? How do you envision your lifestyle to look? 
  • Making property decisions in time-critical moments – the stress of being under the pump can be avoided if you pre-plan the milestones in your life’s journey.  
  • Purchasing property before you start a family – this is when you have the least liabilities and largest disposable income – use it wisely! 
  • Beware of pregnant women, middle-aged children and dads – where your competitors are motivated by time instead of price  prepare for the price tag to fly.  
  • How your money management is critical to success – setting up the strong foundation from the beginning, so you can handle your changing cash flow and priorities.   
  • Calling all first home buyer’s back to earth! Your first home may not necessarily be your dream home if you want to live in a great location.  
  • Where does the holiday home sit on your priority scale? Hint – if you have not yet achieved your financial goals from property, it should be last. 
  • Downsizers, is your home future proof? 
  • Is side-stepping the new downsizing? Transitioning to the flexibility stage of your life – downsizing but not down-grading.  
  • If you have your eye on a single level in a great area – you’ll most likely be competing with superannuation money.  
  • Understanding the future ebb’s and flows of your surplus cash flow – when your teenage kids are starting to fly out of the nest, now might be the time to invest! 
  • When life throws you curve balls – dealing with divorce or death.  

The Property Planner’s Golden nugget: When you’re looking to upgrade, the earlier you can have a view of what your ideal home looks like, and be on the same page with your partner, the more likely you will achieve that goal and make sure it suits you and your family’s needs. In most cases, that will be the property that you pour the most money into and have the biggest impact on your long-term lifestyle – invest in getting that right and early as you can and you will go a long way to creating your ideal lifestyle! 

The Property Professor’s Golden nugget:  Bide your time! Your first home is not necessarily your dream home, we started off in a two-bedroom transportable house and made some good property decisions and finished up in our dream home. 

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