First homes are often apartments or small houses in the cheaper parts of town, which is perfect for busy singles interested in minimising their mortgage payments and maximising their nightlife. But there comes a point for many when it’s time to think about the future, and make some new priorities.

For many it starts with a serious relationship and the realisation that the future is likely to hold prospects of a young family and the need for stability. This is a key home-buying milestone, and decisions taken now are likely to have a significant bearing on how things will pan out over the next five to ten years. Hopefully you will have done well on the sale of your first place, because really it was just a start on the property ladder. Now, for the first time, you may have to take into consideration important things that will impact someone other than yourself.

When considering issues for your first family home, you need to ask yourself some searching questions:

• Security – are we, and our future children, likely to feel safe here?
• Schools – how important is pre-school, primary and secondary education? Do we need to buy in certain school zones?
• Suburb – what are the value appreciation prospects for the area?
• Potential – can we improve and add to the home over time, eg, add another bedroom or bathroom, rather than be forced to move as the family grows?
• Finance – how much are we prepared to commit to, and what lifestyle changes will we need to make?
• Change – what happens if we become a single income family? Is the mortgage still manageable?
• Friends – are there people like us in the area?
• Saleability – what if things go pear-shaped and we have to sell quickly? Is there anything special about the house or is it more of a commodity that might be hard to sell?

If you can find a home in a suburb that has positive answers to most of these questions, then you can feel confident in committing to it, safe in the knowledge that it will be suitable and rewarding in the short, medium and long term if necessary.

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This article is intended as a general discussion only. BNZ recommends the recipient get independent advice. The views expressed are the writer’s own and do not necessarily represent those of BNZ or its related entities.