Buying your first home is an exciting time in your life. You’ll finally get the opportunity to do the renovations you want, there’s a sense of stability, and you have a wonderful place you can now call home.
But buying a house isn’t just about the aesthetics. There are many other things you should take into consideration, and these are some of them:
You may have heard the phrase “location, location, location” from property investors describing the most important thing when buying a property. This has a fair bit of truth to it. You can change or fix nearly everything in a house, but you cannot change the location. Make sure that you take into account the location of the house such as the neighbourhood, the ease of access, public transportation and the overall surroundings.
You want your house to be located near amenities that will suit your lifestyle. For example, families with children might want to be near parks and schools. Retired people might be attracted to a location that is close to family or to other seniors. Single people might want amenities near entertainment hubs or the CBD. Make sure that you consider amenities in your property search so you can have the lifestyle you want in a convenient location.
Size of the property
Think about how many of you are going to be living in the property. It’s impractical to live in a house where there’s six bedrooms and four bathrooms for only two people. Apart from the number of rooms you need, you should also consider the lot size including parking space and the backyard. Make sure that the size of the property is adequate for your family.
Age of the property
You should take into consideration the age of the property because there might be some underlying problems. An older house may need a bit more TLC than newly-built ones. The structure of the house may have changed over the course of years, or there might be pests in the house. To find out, you should obtain a building and pest inspection before making any offer.
When searching for your dream home, it’s important to be realistic with your budget. It’s important that you can afford to repay your home loan. No one wants to lose their dream home. To make sure you can afford to buy your dream home, you can use our borrowing calculator. This will let you know your borrowing capacity based on your income and outgoings.
A house is your greatest investment. By factoring these things in to your property search, your house shopping experience will be a lot easier.
16 November 2011
Making decisions on where to buy, how much property is worth and if the time is right to purchase can often be overwhelming.