Shopping for a new home can be overwhelming as it is such an expensive and long-term commitment. The following are some of the most important things to check for when buying your next home.
- The Cost.
Seek advice from a financial advisor, accountant or lender to get the scope of the full costs associated with buying a home. There may be loans, legal checks, Lender’s Mortgage Insurance (LMI), inspections and other ongoing costs that are hidden in purchasing the property. Buying a house is not as simple as looking at its listed price since there are so many other costs to consider.
- The House.
You should have a general idea of the house you want even before finding a real estate agent. The square footage, the number of bedrooms, bathrooms and other rooms you will need will all depend on your personal preferences. If you have a large family or plan on starting one, you will need to look at houses with more square footage as well as more bedrooms and bathrooms. If your household is just you or you and a partner, it may be more affordable to look at smaller houses which are usually easier and cheaper to furnish whilst being less expensive to maintain.
- The Neighbourhood.
Make sure to do thorough research when it comes to the area you are buying your house in. Visit the potential property at various times to have a clear sense of what lies in store. The list of priorities will vary for investors, singles and those looking to purchase a family home. Location, access to public transport, the area’s development plans and community are all key factors that influence one’s house choice.
- The Paperwork.
When buying property, it is important to ensure that the boundaries are the same as the ones on the titles. Inspect the boundaries and have a professional check them out for you. Be sure to make sure that there are no ongoing legal issues with the property before purchasing it.
- The Local Council.
- Check with the local councils to see what is happening in the area and what building approvals are in place. You can also check with the council to ensure there are no un-approved structures on the property. Not all home owners seek out council approval before installing their patio, new decks and pools so check they are on the plans and approved.
- The Surrounding Environment.
Before buying a property, always check for environmental hazards. You may live in a wonderful-looking home but if your area is prone to floods, earthquakes, bush fires, and other environmental hazards, this will affect your investment. Whilst you may get insurance, some of them may not cover all of these hazards. If the investment is not worth it, you might want to continue looking around.
As a highly personal decision, there will always be different things to look out for to get the best fit for you. This article details just some of the important factors buyers must consider to make sure that their money is well spent when it comes to property.
At The Buyer Tenant Agency, our team of qualified and experienced Buyers Advocates will go through all the different circumstances and help you to identify your wish list, we are here to make sure your next property can lead to many more!