Finding a Home - Latest News
So, now you know how much you can afford to spend on a property and you have your preapproval in place.
Now it's time for the hard work to begin. It is important that you take your time to find the perfect home for the price. Don't get carried away or too emotional about the purchase, make sure you stay within your budget and consider carefully your needs both now and in the future. It's a good idea to make a list of the things that you would like in your home then try and find a home with as many your requirements as possible.
Some things you could consider when buying a property are as follows:
- Is there a local public transport system?
- How much time it will take to get to your work place?
- If you have children, is there availabilites in local childcare, kindy's, and schools suit your needs?
- Is there enough room to accomodate your family?
- Is there room to raise or extend the property down the track?
- Do you have the need for a big yard for the growing family, remember kid's as they grow need space to play?
- Are there parks close by?
- If you have a family, are there other kids in the neighbourhood?
- Walk the street to check for noisy neighbours, noisy dogs?
- Does the property have sufficient storage space?
- The cost of renovating can be high, is what you are planning to do to a property within your price range?
- Will you need to work from home, if so is there room for a study?
- How big are the wardrobes, do you prefer built ins?
- If cooking is your thing, is the kitchen suitable? (It can be costly to refurbish kitchens and bathrooms)
- Is there a local convenience store? You never know when you need bread and milk.
- Is there plans for public works developments or roads, near the property you are looking at?
- How close is the local shopping centre?
- If you work long hours and don't always have time to prepare dinner, are restaurants/takeaways handy?
- Are there medical facilities close by?
- What are your neighbours like?
- Is the neighbourhood safe?
- Is the roofing in good condition?
- If the property is timber, consider the cost of maintaining and painting?
- What is the rest of the street like?
- Check for traffic, rail or aircraft noice?
- Is there enough parking available?
- Does the road lend itself to rat runners, they can be a problem with noise and children?
- Is there ease of access to the property?
- Is it in a safe area?
- Do you enjoy your privacy, how exposed is the property?
- Consider resale value ie. homes on a main road may not increase in value as rapidly as a quiet cul -de-sac.
- Is the interior or exterior of the property more important to you?
- What is the lie of the land?
- Try and visit the property after heavy rain to check drainage.
- Are there other properties being built or renovated in the area?
- Will this cause you disruption or will it increase the value or the surrounding homes (including yours)?
Try to look at as many different properties as possible before you make your choice. The internet is a great place to start and their are several sites that you can search for properties in your desired area.
Your weekends should be filled with property inspections, open houses, and trowelling the local real estate agencies, property guides and newspapers so that you know exactly what is out there.
When you find a property you like, find out how much it sold for previously. Look at what similar properties in the area have sold for recently. Your real estate agent should be able to provide this data. Do not pay over the odds in your area.
Make a list of positives and negatives about the property you are considering, make sure you visit the property at different times of the day to get a good feel for the area. Take digital snaps if you can when inspecting a home you like for revision when you get home.
Pick up community newspapers and have a look at what is going on in the neighbourhood, is there much crime, is there a neighbourhood watch, what community groups are in the area?
The cost of buying a house is high, so it's best to get it right. Don't be talked into a property that doesn't feel right - go with your gut feeling because it is usually correct.
This is one of the biggest purchases you will ever make, so take your time and do your homework.