There comes a time in anyone’s life where the idea of being free to do whatever you want is less appealing than settling down, and starting to build something that will last. In order to enjoy anything worthwhile in life you need to discipline yourself in a certain direction, and that means a sacrifice. For example, heading to college to get a good education means spending time studying that you could have spent frolicking around your home town, bowling, playing music with your friends, staying up late and never worrying about tomorrow. But in order to improve our station in life, we know that this time is worth it, and so we do this without complaint.
The same feeling is felt when settling down. Raising a family, purchasing a family home, enjoying the years of mutual love and growth and doing so with your closest loved ones around you can be preferable to just traveling the open road year after year – but of course, it’s all up to you. When or if you do decide to settle down, however, it’s worth doing so with surety. This means planning everything you can to prevent the nasty surprise of being mistaken. As far as that is concerned, we would warmly recommend the following advice:
Planning Your Mortgage
A mortgage is the main structural backing that should allow you to gain a property you truly care about, providing the backbone of your settled life. However, it’s not only an aid, but an obligation. It’s essential that you make all the correct and most reasoned checks towards your own personal affordability that you can when undertaking this process and agreeing to it. This is because defaulting on your mortgage could not only lead you to full bankruptcy, but worse, it could leave you without a place to stay. This is why it’s very important to consider the long term ramifications of a deal like this, on top of the seasoned wisdom that asks if you can approximate this best financial solution in the first instance or not.
It can sometimes be that with the right terms, the right upfront payment, and perhaps lengthened repayment options that you can gain a property outside of your usual wheelhouse, or perhaps a more affordable solution from the beginning. The more you assess your options, the less settling down can feel like an incredible ask and more a reasoned plan for the future.
Finding Promising Value
When you decide to settle down in a property, you are tying yourself to that area for a good number of years, unless you decide to go through the complex and lengthy process of reselling or transitioning your mortgage. This is why it’s important to get it right the first time.
How have house valuations been historically, within the area you are now searching? Might this change in the future? Could gentrification lead to a larger construction effort in the local environment, and how might that affect your house price? What are the transport links like, and will they improve? What are the movement habits of local residents? For example, it’s not uncommon for certain areas to gain a vibrant youthful presence due to the expansion of a local university, but this renter’s haven could thereby lead to different impacts on your housing valuation, and that could be a good or bad thing.
In simple terms, it’s always best to find the most promising value in your local environment and measure the potential means in which it can be affected. This can help you assess your financial standing or to plan your asset management as the weeks, months and years move on.
Planning Your Income Periods
Forecasting your income projections can also be a great place to start. Sure you may be going strong with a partner right now, but what about when your expected twins are finally here? Will you be able to sustain the family and the property on one income rather than two, at least for a good amount of time? Could it be that you enjoy less job security than you think you will? Is it wise moving out of that freelance position and choosing a salaried job that will come with more benefits and less work drought than usual?
Income is usually the factor from which many base their life decisions, and this is essentially important when planning your ability to settle down. Even something as seemingly stable as an owned business could lead to further financial intensity, especially if the financing is tied to your household. This planning, taking as a cohesive whole, can help you not only make the decision to settle down first and foremost, but can curate the decisions you make going forward.
Factoring In Unforeseen Costs
Unforeseen costs can come from any direction. If you decide to purchase another car in addition to your usual runabout, then that is twice the likelihood that one day an emergency breakdown will burn a hole in your wallet. It could also be that if you live in a flood-prone area, that one day the need for intense driveway renovations will take hold and be a problem that leaves you frustrated all Spring. We cannot plan for every single measure, and sometimes we are luckier than others. That being said, it can’t hurt to plan those unforeseen costs to some extent when making your household or lifestyle investments – even if that simply results in you purchasing better insurance on all fronts.
The Priceless Factor
There are many measures of settling down that are priceless and may help you motivate your interest in doing so. Perhaps you’re happy to commute an extra twenty minutes to work due to the gorgeous seafront view you have acquired, and the option to settle down in such a wonderful property only came once. It’s important that you do keep in mind your own tastes and to fight for them, because remember, you’re not settling down for anyone else, and ultimately you will be the one paying for it.
With this advice, we hope you can settle down in the best possible sense – by planning as much as you can.