“Can We Afford It?”
Can We Afford It? 🏡💍✈️
You’re juggling a lot right now—you’re considering buying a home, maybe planning a wedding as well, or dreaming of that epic overseas trip. How do you figure out what you can actually afford without sacrificing your lifestyle? Here’s the deal: it’s all about balancing your priorities and making smart financial decisions as a couple. Let’s break it down.
1. The Big Question: House First or Wedding Bells or That Overseas Trip?
You might be wondering, “Do we blow our savings on a house, or do we leave some aside for our other goals and dreams?” Spoiler alert: You can have your cake and eat it too.
Pro tip: Think of your deposit as a stepping stone. A smaller deposit now could mean getting your foot in the door sooner, while still keeping some cash set aside for that special day. Remember, you can always top up your mortgage down the track when you’re rolling in those wedding gift envelopes. 😉
2. What’s Your Lifestyle Worth?
You’re not just buying a house—you’re buying into a lifestyle. That extra bedroom, the yard for your future doggo, and space for your DIY projects all come with a price tag. But here’s the scoop: you don’t need to sacrifice your lifestyle for a mortgage.
Quick tip: Prioritise what matters most to you both. Make your list of non-negotiables vs those nice to haves. Your first home won’t be your dream home or your forever home.
3. Navigating the Housing Market Maze 🏠
The market’s a bit like a rollercoaster, and let’s be real—it can be overwhelming. But trust me, you’ve got this. Start by getting clear on what you can afford monthly, not just what the bank says you can borrow. Factor in things like rates and insurance, maintenance, and the occasional splurge on some home reno gear.
In my experience… A good rule of thumb is to keep your mortgage repayments at around 30-35% of your combined take-home pay. That way, you’re still left with plenty of room to enjoy life—be it for date nights, gym memberships, or that big trip you’ve been planning.
4. Let’s Talk Relocation—Is It Worth It?
Thinking about a move from Auckland to Christchurch? Here’s what you need to know: regional areas often offer more affordable housing, which could be a game-changer if you’re after more space or a quieter lifestyle. But before you pack up, consider the job market, lifestyle, and long-term plans.
Bottom line: If your careers allow flexibility, relocating might just give you the financial breathing room to tick off multiple life goals at once.
5. The “Parents Want to Help” Dilemma
We get it—parents love to help. But how do you handle their generosity without feeling like you’re losing control? Here’s what you need to do: set clear boundaries and discuss what their help really means. Is it a gift, or are there strings attached?
Trust me, clear communication upfront will save you a lot of stress later on. And remember, if parents offer their support it’s because they can and they want to support you. There are plenty of ways they can support you—like covering wedding costs so you can put more towards your deposit, or even covering costs associated with purchasing your home.
Navigating the mortgages doesn’t have to be confusing. I make it easy, so you can focus on what matters most.
Let’s chat!