Buying a Home
Buying a new home is a very exciting time and there are many things to consider when choosing which property to buy.
Here we’ve put together a list of 14 things you may want to consider when buying a home.
1. Property Location
Property location is one of the most important points to consider.
Do you need to be close to public transport for work?
If so find out how long it will take you to get to your local train station or bus stop and how long it will take you to get to where you need to be.
What will it cost you to get to work? If you can’t take public transport it may end up costing you a lot of money if you have to drive and pay for parking.
Schools and Childcare
If you have a family or are planning one in the near future, thinking about access to childcare and schools might be an important consideration.
Shops, Cafes & Local Amenities
Is the property within walking distance or a short drive to be able to access a supermarket, pharmacy or post office?
If you like keeping fit, is there a gym nearby or an outdoor gym or park?
Local Doctor/Medical Centre
Will you have close access to a good local doctor or medical centre?
Friends and Family
Is being close to friends and family an important consideration for you?
If so, buying a property in a similar area, or one with convenient transport links, for example: choosing a suburb on the same train line as close family or friends, could be an important consideration.
2. What is the Neighbourhood Like?
What is the noise level like? Is the neighbourhood clean and well looked after?
Are there any developments going on in the area which might obstruct views or cause noise and travel disturbance.
If you have any concerns with the neighbourhood, you could always knock on a neighbours door and ask them about the property and the neighbourhood to find out if there have been any issues or noise complaints.
3. Is There Any Risk of Flooding to the Property?
Is the property close to a body of water or at the bottom of a slope that could increase the flood risk?
4. Do Your Research to Get the Best Mortgage for Your Circumstances
Research and shop around with various lenders to get the best rate going, this could pay off significantly over the term of your loan.
Find out how much you can borrow and get pre-approved, so you can put in an offer if you find the right property.
Make sure you can comfortably pay the monthly mortgage payments and still have the budget to take care of all your other expenses.
5. Recurring Costs
Here are some of the ongoing costs that you may need to consider:
- Council Rates
- Utility Bills
- Home and Content Insurance
- General Up-keep of the property – such as painting or gardening costs
Check to see what the rates will be in the area you are considering moving to so that you are aware of the costs.
6. Will You Need to Make Any Renovations to the House?
If the property is old and run down or doesn’t quite meet your needs then you may need to consider whether you would be prepared to renovate.
What would these costs look like and are they realistic for your budget?
7. Property or Building Report
A property inspection may unveil things such as termite activity, plumbing issues such as; leaks, damp and mould, electrical issues and structural integrity of the property.
This could lead to a deal/ no deal situation or you may be able to use the results from the inspection as bargaining power on the purchase price or asking for the issue to be fixed before the exchange takes place.
8. Water Pressure
Check that there is sufficient water pressure: turn on the shower and taps to see how long it takes for hot water to come through and that the pressure is adequate.
9. Water Heating
Investigate the water heating system and if it will suit your needs – a small boiler might be fine for a couple but would unlikely suit a young family of 4.
Check the age of the heating system to assess if it will need replacing in the near future.
Check that there are sufficient power points in each room and that they are in good condition.
Also, make sure that safety switches are installed in the meter box – any issues here should be raised in the building report.
11. Heating and Cooling
Is the heating/ cooling system in place satisfactory for your needs?
If not, can you do without these or can you afford to get heating/ air conditioning installed?
12. Does the Property Have Sufficient Storage?
Does the property have enough storage for your needs?
If you don’t have any spare bedrooms or storage rooms, then is there a garage and shed for storing gardening equipment and tools and is there adequate cupboard storage space within the house itself?
13. Does the Property Have Enough Natural Light?
Natural light is very important to a lot of people and a house with poor natural light may make it a difficult sell if you need to later on.
If you have any concerns about purchasing a property, speak with your real estate agent who can find out from the seller if there is anything about the property that might affect your decision to buy it.
Real Estate Agents are a wealth of knowledge when it comes to properties so make sure you ask lots of questions and get all the information you can about your future home.
Infographic: 14 Things to Consider When Buying a Home
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