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Things to look for when buying a house

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The house-buying process isn’t just about house hunting and negotiating for the best price. Before buying a house in Australia, there’s a lot you need to know. From house inspections to finance checks, you must have all your bases covered.

Make sure your dream home doesn’t turn into a nightmare by being informed. Before you sign on the dotted line, here’s a list of things to look for when buying a house in Australia: 

A good home loan 

Choosing the right home loan is essential for having healthy long-term finances. With the right mortgage, you could save thousands over the course of your loan (typically, 25 to 30 years). The loan features are just as important as the interest rates. When shopping for the ideal home loan, look at the terms and conditions carefully. 

Look at all your home loan options to find one that suits your lifestyle. Or better yet, talk to lending specialists and discuss your home finance needs. Finding the perfect loan is hard when you’re doing everything on your own. Let us at loans.com.au help you find the ideal loan that can meet your needs perfectly. 

A property and suburb report 

Before buying a home, it’s best to find out everything you can about the property and the neighbourhood you’re buying in. Get a property report to learn about a home’s estimated value, market comparison, and details about related properties in the area. This is great if you’re still in the house hunting phase of the buying process. 

If you want to understand a certain area better, a suburb report is a great resource. The suburb report provides useful insight about the local real estate market and demographics. Aside from using property and suburb reports, you should also do some cursory research into the area. See what amenities a neighbourhood has to offer and figure out if it matches your lifestyle. 

A comprehensive building and pest inspection 

The best time to get a building and pest inspection is before finalising your property purchase. A thorough building inspection lets you know if there are any issues with the house that even the seller doesn’t know about. It covers everything from checking the structural integrity of the house to cosmetic issues. 

Even if the property comes with an inspection report, it’s better to have one done by an independent inspector. You could also get different building specialists for drainage and plumbing, electricity, and other property features.  

An appliance check 

If you’re buying a furnished property, ensure that all the built-in appliances are working properly. This includes the hot water system, air conditioning, and central heating system. You don’t want to buy a house with appliances only to find out that they aren’t working after you’ve moved in.

A valuation report 

A valuation report is done by a certified valuer to assess the market value of a property. The report is based on several factors such as the condition of the home, recent sales history, local market data, and other relevant information. 

Lenders usually require a valuation report as part of the loan application process. This report can also help you figure out if the seller’s asking price is within the scope of the property’s market value. 

A property survey 

The property survey contains the boundary lines and easements. It’s conducted by a registered surveyor who will also provide a legal description of the property including identifying existing buildings, describing the condition of the home, and where it’s located. 

With a property survey, homeowners will know what they can and can’t do on their property. You’ll know about any covenants or restrictions, shared property use, and the like. It’s great for avoiding future complications with your neighbours.  

Start your home buying journey with loans.com.au!

A house is one of the most important purchases you’re ever going to make. Make sure you do it right by getting the best home loan for you. Talk to our friendly lending specialists today by calling 13 10 90 to learn more about your home finance options.

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About the article

As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.

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