What to look for when buying your home?
Posted by Rebekah Hutton on Thu, Jul 2018
So, the time has come when you’re ready to buy a new home. Preparation here is the key and you need to be crystal clear of what you want. There’s always going to be risk associated with this overwhelming decision. You’re likely to keep yourself up at night with all the ‘what if’s?’ or alternatively start dreaming yourself into property doom. Read on for the simple steps of what to look for when buying a home.
Obviously location is critical! Do your research and use the resources around you to make sure your decision is as informed as possible when choosing a location. Seek to get your hands on suburb property value reports. Compare the property to similar size and style homes in the same area that have recently sold. Study historical data to analyse trends for the area and make future predictions. Be aware and engaged of the council’s future plans and proposals for the area you are looking at investing in. When it comes to choosing a location it’s essential to make sure you’ve done your homework to diminish the risk of surprise.
The common economics vs emotions battle. When buying a property it’s hard not to follow your heart, logic goes out the window and you find yourself emotionally attached to your potential home, however, this can be lethal. Just like a high school crush, where you fall hard; ignorant and infatuated, you can find yourself been played just as easily by the property game. Eliminate your personal feelings out of the equation and ask yourself will this property generate the financial gains and returns I require? Will this property be desirable to the large majority of buyers and tenants in the future? Finally, all feelings aside, is this property worth the monetary value I am placing on it?
Avoid unexpected surprises along the way. It’s essential to go into your purchase with your eyes wide open. Even with all your finances in order, negative gearing and total mortgage repayment control there can be hefty unexpected costs that can skew your whole finance plan. It is highly recommended to utilise an experienced building inspector to survey the property and delve into the extent of any potential problems. Of course there are many benefits to buying a working project, but please be mindful of the extent of the project you are undertaking. A spanner in the works such as a re-flooring or roof replacement can set you back majorly. You want to be ready and responsive when the time comes!
Does the perfect home exist? Everyone has deal breakers and it’s important you don’t settle on a property that doesn’t satisfy these. However, don’t go to the open inspections narrow minded, or limit your options significantly by adhering to a heavily constricting checklist. Be open to ideas and seek a property where you’ll be able to gain value and work your lifestyle into this suitably.